Market Closes - February 1, 2022
Posted on Feb 1, 2022Corn Mar +9 635 (624-39); Jly +9 628; Dec +4 578
Bean Mar +38 1528 (1485-1539); Jly +35 1528; Nov +15 1382
Meal Mar +17 436 (417-37); Dec +5 390
Oil +101 6583
Wheat Mar +8 769 (760-77); Jly +7 767 (760-74)
KC Mar +5 786; MGE +8 915
Oats +19 715
Rice +10 1516
LC Feb +72 14030; Apr +85 14537; Jun +90 13997
FC Mar +67 16370; May +62 17352; Aug +92 18362
LH Feb -32 8815; Apr +197 9767; Jun +190 10742
Milk Feb -19 2016; Mar -46 2135
CBOT futures closed strongly to sharply higher led by huge speculative buying in soybean and soybean meal futures. Traders rallied soybean futures for the fifth straight day as private production estimates keep going down for the South American soybean and corn crops. China also has been in the daily soybean export sales report. Corn gained support by today’s news that the December corn grind for ethanol was a higher-than-expected 486 million bushels, up from 467 in November and up 54 million bushels from December 2020. Wheat futures rallied on spillover support but only regained a portion of Monday’s huge losses. New-crop corn and old/new soybean and meal futures made new contract highs. Wheat, as well as other commodities, also benefitted from a second day of a weaker U.S. dollar.
Cattle futures closed higher on support from Monday afternoon’s CATTLE inventory report showing tighter supplies. An apparent return to normal slaughter levels lifted LC futures but weighed on boxed beef values. Choice beef dropped 4.96 to 285.44 and Select fell 3.05 to 280.22. Beef movement was good at 127 loads. Negotiated fed cattle trade was not established.
Lean hog futures closed higher except for the nearby February LH contract. All months traded to new contract highs. LH was supported by a strong cash market responding to improved slaughter levels. FOB Plant Pork was not reported in the afternoon due to technical issues, but was down .79 to 93.72 in the morning.
US$ -.4% 96.26
Dow +273 35405
SP +31 4547
NAS +106 14346
Tran +328 15610
VIX -2.87 21.96
WTI +133 8815
Brent +74 8926
Gas +2 255
NG +23 487
HO unch 272
Gold +5 1801
Slvr +20 2259
2-yr +.004 1.169%
5-yr +.006 1.624%
10yr +.013 1.795%
30yr +.019 2.117%
Beef Cattle Numbers Continue to Decline
By: Kenny Burdine, University of Kentucky
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