Market Closes - February 2, 2022
Posted on Feb 2, 2022Corn Mar -12 622 (617-41); Jly -11 617; Dec -5 573
Bean Mar +17 1545 (1526-64); Jly +15 1543; Nov +8 1390
Meal Mar -1 435 (431-48); Dec +1 391
Oil +15 6598
Wheat Mar -14 755 (749-78); Jly -12 755 (751-76)
KC Mar -17 769; MGE -7 908
Oats +10 725 Mar
Rice +27 1543
LC Feb +82 14112; Apr +152 14690; Jun +165 14162
FC Mar +317 16687; May +222 17575; Aug +155 18517
LH Feb -80 8735; Apr +145 9912; Jun +150 10892
Milk Feb +20 2033; Mar +13 2148
Soybean futures closed higher while corn and wheat lost around two percent in old-crop contracts. Soybeans continued to be supported by daily soybean export sales and downward trending South American production forecasts. December corn and most of the soy complex made new contract highs today but closed well below those. After seeing a corrective bounce Tuesday, corn and wheat followed through on Monday’s sharp losses. The US Dollar has been weakening the last three days, but the Brazilian Real has gained 8% on the US$ the past month. This weighs on Brazil’s soybean price relative to the US. While U.S. ethanol production has been running very strong, ethanol stocks have risen to 25.8 million barrels, the highest level since April 2020. Weekly export sales will be released tomorrow morning.
Cattle futures closed strongly higher with some contracts making new contract highs. LC was supported by a nice jump in negotiated cash price and normal slaughter levels. Feeder cattle futures benefitted from the LC rally and the drop in corn futures. USDA reported moderated cash trading in Nebraska and the Western Cornbelt at prices $3-4/cwt higher than last week. Live prices were $140-141/cwt and dressed prices were mostly $222/cwt. Cash trade was inactive in the Southern Plains. Choice beef dropped 2.29 to 283.15 and Select slipped .65 to 279.57. Beef movement was a strong 130 loads.
Lean hog futures beyond the February LH contract closed strongly higher. Those contracts also traded new contract highs. LH was supported by the strong cash and pork markets. FOB Plant Pork jumped 3.47 to 96.44 with ham value up 11 to 63. Pork movement was modest at 295 loads. LH futures are in overbought territory so upside may be limited in the short-run.
US$ -.3% 95.99
Dow +224 35629
SP +43 4589
NAS +72 14418
Tran +129 15740
VIX -1.09 20.87
WTI -21 8799
Brent +15 8931
Gas +3 261
NG +67 542
HO +3 277
Gold +6 1807
Slvr +5 2265
2-yr -.009 1.156%
5-yr -.013 1.161%
10yr -.023 1.777%
30yr -.014 2.110%
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