Market Closes - November 1, 2021
Posted on Nov 1, 2021Corn Dec +11 579 (565-82); Mar +11 587; Jly +10 589
Bean Jan -1 1248 (1237-59); Mar -1 1258; Jly -1 1272
Meal Dec -3 329 (329-34)
Oil Dec +70 6197
Wheat Dec +24 797 (768-800); Jly +20 795
KC Dec +21 806; MGE +23 1075
Oats Dec +21 751
Rice Jan -9 1347
LC Dec -42 12885; Feb -32 13390; Apr -50 13672
FC Nov -217 15440; Jan -340 15272; Apr -277 15802
LH Dec +7 7615; Feb +12 7880; Apr +32 8237
Milk Nov +19 1869; Dec +18 1864
Corn, wheat and oat futures closed sharply higher today as bullish momentum rolls on. The wheat market has been a leader on strong global demand, pushing European wheat futures to record highs. U.S. wheat exports are dismal as we are not competitive in the export market. Corn demand is strong from the ethanol producers who have favorable margins.
U.S Crop Progress
Corn harvested is 74% completed vs 66% last week and 66% a year ago.
Soybean acreage harvested is 79% completed vs 73% last week and 81% a year ago.
Winter Wheat: Acreage planted is 87% vs 80% last week and 86% a year ago.
Pasture and Range Condition:
26% good/excellent vs 20% year ago
42% poor/v.poor vs 43% year ago
LC Dec -42 12885; Feb -32 13390; Apr -50 13672
FC Nov -217 15440; Jan -340 15272; Apr -277 15802
LH Dec +7 7615; Feb +12 7880; Apr +32 8237
Live cattle futures closed lower after moving higher earlier in the day. These losses added to the bigger losses posted Thursday and Friday after the market set October highs on Wednesday. December LC is working its way down to the cash market. Choice beef closed up 1.86 at 287.58 and Select gained 1.02 to 264.39. Fed cattle cash trade was not established. Last week’s cash market firmed up with $124-126/cwt in TX/OK/KS and $127 and $200/cwt in Nebraska. Feeder cattle posted large losses as the sharp gains in corn prices weigh on the market.
Lean hog futures managed only small gains today after the huge rally seen the previous two trading days. LH were supported by technical buying and early strength in the pork cutout. However, cash hog fundamentals remain weak. FOB Plant Pork closed down 4.08 at 92.44, compared to 98.48 in the morning report. Much of the loss resulted from ham value dropping 20.80 to 59.03.
US$ -.3% 93.87
Dow +94 35914
SP +8 4614
NAS +98 15596
Tran +37 15943
VIX +.15 16.41
WTI +51 8229
Brent +79 8451
Gas +4 241
NG -21 522
HO +2 250
Eth unch 221
Gold +11 1795
Slvr +17 2412
2-yr +.008 0.503%
5-yr -.006 1.182%
10yr +.005 1.561%
30yr +.022 1.963%
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