Corn Mar -7 600 (596-608); Jly -5 599; Dec -1 557

Bean Mar -25 1385 (1379-1410);Jly -24 1399; Nov -21 1300

  Meal Mar -9 416 (415-28)

  Oil -75 5803 (5752-5949)

Wheat Mar +3 762 (748-67); Jly +3 760 (747-63)

  KC Mar +3 778; MGE -9 914

Oats -4 664

Rice -18 1458

 

LC Feb -107 13625; Apr -147 14057; Jun -147 13622

FC Jan -117 16092; Apr -142 16945; Aug -42 18077

LH Feb -127 7837; Apr -265 8470; Jun -230 9650

Milk Jan -1 2027; Feb +17 2160

Wheat closed slightly higher while corn and the soy complex lost valuable ground. Corn and soy were pressured by increased prospects for some rain in some dry areas of South America. Soybean and meal futures were subject to profit-taking after setting new 7-month highs on Friday. March Soybean is about $2/bushel above the fall low. March Soybean Meal is $100/ton above its October low of $315. On the other hand, KC and Chicago Wheat ended higher, adding to Friday’s bullish turnaround. Some wheat/corn spreading may have been in play too. USDA will release several crop reports at Noon EST Wednesday. Soon after those releases, traders will focus again on South American weather.

Cattle futures closed moderately lower with Live Cattle reaching new 3-week lows. LC futures peaked on December 29 around $5.00/cwt above tonight’s closes. Cattle were pressured by concerns that Covid(Omicron) is reducing staffing at packing plants and fed cattle may begin to “backup” which would weigh on cash prices. If slaughter is down, then less beef is produced and beef prices could rise. Today, Choice beef rose 4.22 to 276.04 and Select gained 5.40 to 266.50. Beef movement was light at 107 loads. Last week’s 5-market average for fed steers was $138.58/cwt live and $219.99/cwt dressed.

Lean hog futures finished strongly lower, extending Friday’s sharp losses. The February LH is down nearly $5.00/cwt in two days. As in cattle, traders are worried that slower slaughter in the plants will back up market-ready supplies and lower cash hog prices. FOB Plant Pork ended up .52 at 86.42, lower than the morning quote of 89.90. Nice gains in ham and belly values disappeared by the afternoon. Pork movement was strong again with 415 loads. Last week’s weighted average base carcass price was 73.18/cwt.

 

US$ +.2% 95.94

Dow -163 30069

SP -7 4670

NAS +7 14943

Tran -250 16019

  VIX +.64 19.40

 

WTI -67 7823

Brent -88 8087

Gas -2 228

NG +16 408

HO +1 249

Gold +1 1799

Slvr +5 2246

 

2-yr +.028 0.898%

5-yr +.012 1.517%

10yr -.012 1.757%

30yr -.026 2.090%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES – Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here