Market Closes - January 3, 2022
Posted on Jan 3, 2022Corn Mar -4 589 (585-603); Jly -4 590; Dec +1 547
Bean Mar +16 1355 (1342-68); Jly +16 1371; Nov +14 1284
Meal Mar +12 411 (401-15)
Oil -11 5642
Wheat Mar -13 758 (753-82); Jly -9 755 (751-74)
KC Mar -10 791; MGE -14 968
Oats -2 681
Rice -22 1463
LC Feb -77 13892; Apr -62 14420; Jun -45 13875
FC Jan -62 16625; Apr -27 17247; Aug -55 18192
LH Feb -35 8112; Apr -7 8665; Jun +32 9787
Milk Jan -1 2003; Feb +32 2104
Grain and oilseed futures closed markedly mixed with corn and wheat lower and soybeans and meal higher. The three major commodities were all higher overnight on concerns about lower production in South America due to Argentina and southern Brazil remaining very dry. Private production forecasts were lowered for soybeans. However, after the 8:30 a.m. opening, buying turned to selling and it persisted in corn and wheat futures. Soybean and meal futures bounced off the lows to close higher; old-crop soybean meal gained 2.5-3% and made a life-of-contract high close. Some of the morning weakness was tied to disappointing weekly export inspections and technical considerations once prices turned south. A 0.6% surge in the U.S. Dollar Index was also bearish. MGEX wheat broke support last week and Chicago/KC contracts are sitting just above critical chart support. In soybeans, today’s price range stayed within last Thursday’s huge range and big losses.
Cattle futures closed slightly lower but at/near the bottom of the day’s trading ranges. Given a lack of cash market activity, there was little to get buyers interested. Choice beef gained .77 to 266.03 and Select rose .67 to 258.90. Cash trading was at a standstill. Last week’s cash live price ranged $138-140/cwt.
Lean hog futures closed narrowly mixed with February and April LH lower. LH was weighed down by weaker pork values and by February LH’s $9.00+ premium to the CME LH Index. FOB Plant Pork dropped 5.33 to 86.02 due to loin value being down 12 to 75, and ham value down 9 to 60. Pork movement was a strong 381 loads.
US$ +.6% 96.22 Strengthened on rising interest rates.
Dow +247 36585
SP +30 4797
NAS +188 15833
Tran -175 16303
VIX -.62 16.60
WTI +87 7608
Brent +116 7894
Gas +3 226
NG +8 381
HO +3 236
Eth unch 216
Gold -28 1800
Slvr -54 2281
2-yr +.044 0.776%
5-yr +.102 1.360%
10yr +.139 1.637%
30yr +.142 2.031%
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