Market Closes - January 5, 2022
Posted on Jan 5, 2022Corn Mar -7 602 (601-10); Jly -6 600; Dec -1 555
Bean Mar +5 1395 (1381-99); Jly +5 1407; Nov +4 1304
Meal Mar -1 413 (410-16)
Oil +111 5944
Wheat Mar -9 761 (756-71); Jly -5 761 (754-67)
KC Mar -17 787; MGE -22 948
Oats -7 685
Rice -2 1467
LC Feb -57 13725; Apr -72 14195; Jun -40 13725
FC Jan -55 16215; Apr unch 16977; Aug +32 18102
LH Feb +212 8227; Apr +167 8867; Jun +112 9940
Milk Jan -14 2061; Feb +47 2226
CBOT futures closed mixed with corn and wheat pressured by profit-taking. Market fundamentals didn’t change today as soil moisture and forecasted moisture remain unfavorable in the Southern US Plains and in parts of Brazil and Argentina. Old-crop corn futures gave back less than half of Tuesday’s gains; December corn only lost a penny. A 2% gain in soybean oil lifted soybean futures as soymeal closed a dollar lower. Palm oil futures hit a new contract high due to flooding. Although wheat fell the most today, the KC and Chicago market remains above the key chart support set by the December lows. Spring wheat (MGE)continues stair-stepping down from the last high set December 27; this is around 80 cents/bushel. Further weakness in MGE wheat could point toward $8.50 in the March contract. In tomorrow’s weekly export sales report, traders aren’t expecting any big numbers given it was a holiday week.
Cattle futures finished mixed with live cattle mostly lower and feeder futures mostly higher (weak front end). Cattle were pressured by follow-through selling from Tuesday’s big drop. Choice beef edged up .11 to 266.93 and Select rose .38 at 259.61. Beef movement was strong at 160 loads, similar to Tuesday. Limited cash fed trade has been at steady to weaker prices -- $138/cwt and $220 dressed.
Lean hog futures closed higher with the February LH leading the way. June and beyond LH made new contract highs. LH was supported by stronger cash hog prices and a very strong pork market in the morning. FOB Plant Pork ended the day UP 0.45 compared to UP 7.96 in the morning report. The belly went from 166 in the morning to 142 in the afternoon; ham value slid from 66 to 55; and the loin lost 4.59 today to 75.16. Pork movement was the lowest of this week at 327 loads. Tomorrow morning’s weekly export sales report could add to today’s strength.
US$ -.1% 96.16
Dow -393 36407
SP -93 4701
NAS -523 15100
Tran -235 16344
VIX +2.82 19.73
WTI +20 7719
Brent +10 8010
Gas unch 227
NG +12 384
HO +2 243
Gold -4 1811
Slvr -24 2282
2-yr +.066 0.830%
5-yr +.052 1.426%
10yr +.034 1.700%
30yr +.015 2.093%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments