Market Closes - January 31, 2022
Posted on Jan 31, 2022Corn Mar -10 626 (622-42); Jly -7 619; Dec +4 573
Bean Mar +20 1490 (1473-97); Jly +19 1492; Nov +15 1367
Meal Mar +8 419 (412-20); Dec +6 385
Oil -45 6482
Wheat Mar -25 761 (757-98); Jly -21 760 (756-94)
KC Mar -21 781; MGE -14 906
Oats +20 695
Rice +8 1506
LC Feb +87 13957; Apr +142 14452; Jun +107 13907
FC Mar +340 16302; May +297 17290; Aug +260 18270
LH Feb +55 8847; May -22 9967; Jun -25 10552
Milk Feb +10 2029; Mar +13 2151
CBOT futures closed widely mixed with wheat and old-crop corn posting big losses. Wheat led the way lower as traders eased concerns over Ukraine and were pleased to see significant snow coming to KS and OK this week. Corn futures moved higher overnight but fell sharply with wheat after the 8:30 a.m. opening. Old-crop corn futures made new contract highs before closing sharply lower. Technically, old-crop corn and wheat futures posted negative-looking days. Soybeans and meal futures closed strongly higher with support coming from falling production estimates for South American soybean crops, forecasts for weather to turn drier again, and the pick up in soybean export sales to China (both 2021/22 and 2022/23).
Live cattle closed moderately higher and feeder cattle posted big gains as corn prices fell. Live cattle moved higher without support from the cash fed market or the beef cutout. Bullish momentum from last week lifted the market. Choice beef slipped .02 to 290.40 and Select lost .14 to 283.27. Beef movement was light at 88 loads. Negotiated cash trade was not established.
This afternoon’s CATTLE inventory report, put all cattle and calves on January 1, 2022 at 91.9 million head, down 2.0% from a year earlier. Beef Cows, at 30.1 million head, is down 2.3%. Milk Cows is down only 0.7%. Beef replacement heifers (500+ lbs) expected to calve this year at down 2.8% from January 1, 2021.
Lean hog futures closed narrowly mixed with nearby edging higher on strong cash fundamentals and a pickup in slaughter. FOB Plant Pork ended down 1.88 at 94.51, lower than the morning quote of 99.66. Ham value dropped 9% to 59. Pork movement was very strong at 353 loads.
US$ -.6% 96.64
Dow +406 35132
SP +84 4516
NAS +469 14240
Tran +234 15283
VIX -2.83 24.83
WTI +134 8816
Brent +118 9121
Gas +2 256
NG +199 626
HO -3 276
Gold +14 1798
Slvr +17 2247
2-yr +.013 1.185%
5-yr -.008 1.614%
10yr +.004 1.784%
30yr +.033 2.116%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments