Market Closes - February 23, 2022
Posted on Feb 23, 2022Corn Mar +9 684 (669-85); Jly +9 674; Dec +5 611 (601-12)
Bean Mar +40 1675 (1636-79); Jly +30 1660; Nov +14 1487 (1469-88)
Meal Mar+17 471 (454-74); Dec +8 424
Oil Mar +57 7072; Dec +11 6538
Wheat Mar +32 876 (834-80); Jly +31 879 (839-82)
KC Mar +32 913; MGE +15 1001
Oats -1 679
Rice -6 1506
LC Feb -70 14305; Apr -127 14475; Aug -72 14007
FC Mar -145 16277; May -85 17367; Aug -92 18420
LH Apr -405 10802; May -300 11265; Aug -132 11652
Milk Feb +3 2092; Mar -16 2230
CBOT futures closed sharply higher with corn, soybeans, KC wheat and Chicago wheat making new contract highs. These contracts have closed higher for the fifth straight trading day. Most of the price gains have come this week due to the Russian threat to Ukraine and the potential reduction in corn and wheat exports from those sources. Combined they account for almost 30% of the world’s wheat exports and almost 20% of global corn exports. Soybeans gained additional support from the ongoing concern for South American production and China’s regular appearance in the daily soybean export sales report. Wheat is also supported by the drought in the HRW wheat area. Expect more volatility in CBOT futures as the Russia/Ukraine situation ebbs and flows. Geopolitical outcomes could push prices either direction as the speculative funds could have an outsized influence.
Cattle futures closed lower and near the day’s lows following a late day sell-off as equity markets fell and grain prices rallied. The cash market hasn’t been established and some think a seasonal peak has been made. Choice beef dropped .76 to 260.88 and Select fell 4.68 to 258.96. Beef movement was very strong at 196 loads.
Lean hog futures closed sharply lower after setting some new contract highs soon after the market opened this morning. This price action is a bearish reversal. LH was pressured by profit-taking as the market was in overbought territory and ready for a correction. FOB Plant Pork closed up .36 at 109.12 compared to the morning quote of 114.21. Pork movement was moderate at 248 loads.
US$ +.2% 96.21
Dow -465 33132
SP -79 4225
NAS -344 13037
Tran -212 14523
VIX +2.02 30.83
WTI +40 9230
Brent +26 9710
Gas +1 272
NG +12 462
HO +2 284
Gold +4 1911
Slvr +27 2458
2-yr +.019 1.606%
5-yr +.046 1.919%
10yr +.050 1.998%
30yr +.049 2.302%
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