Market Closes - November 10, 2021
Posted on Nov 10, 2021Corn Dec +14 569 (555-72); Mar +14 579; Jly +13 585
Bean Jan +5 1217 (1208-22); Mar +5 1229; Jly +5 1247
Meal Dec unch 342 (340-44)
Oil +67 5914
Wheat Dec +24 803 (778-804); Jly +21 805
KC Dec +24 817; MGE +22 1046
Oats +24 740
Rice +9 1389
LC Dec -20 13200; Feb +12 13682; Apr +7 14032
FC Nov -125 15665; Jan -175 15805; Apr -150 16217
LH Dec +75 7570; Feb +57 7932; Apr +60 8415
Milk Dec -8 1803; Jan -10 1835
CBOT futures closed near steady in soybean meal to sharply higher in the case of corn and wheat. Outside markets made huge moves today after the U.S government announced higher than expected inflation in October – up 6.2% year/year. Treasury bond rates jumped helping to drive the U.S. Dollar up 1% and equity markets markedly lower. Despite the strong dollar and a sharp drop in energy futures, corn and wheat futures powered higher with KC and Chicago wheat making new contract highs. Some analysts attribute the grain rally to investors moving money into commodities to hedge the inflation risk. For wheat, there was news that Russia will increase its wheat export tax and a quota may come in 2022. Soybean futures traded narrow ranges.
Live cattle traded steady while feeder futures closed lower due to rising corn futures. The December LC contract couldn’t rally despite the cash fed market finally showing its hand; boxed beef weakness limited the gains. Cash fed trading picked up today with USDA reporting $131-132/cwt, up $2-3/cwt in the Southern Plains. Nebraska was up $2 to $132/cwt live and up $3-5 to $207. Choice beef dropped 2.28 to 285.52 and Select fell 4.00 to 266.62, but beef movement was heavy again today with 195 loads moved.
Lean hog futures closed modestly higher after testing lower levels at the opening bell. The rally was technical in nature as chart support held. The fundamentals remain weaker as pork values softened. FOB Plant Pork closed down 1.98 at 90.57 with loins down 10.51 to 77.29 and hams up 6.09 at 71.62. Pork movement was a moderate 347 loads.
US$ +1.0% 94.89
Dow -240 36080
SP -39 4647
NAS -264 15623
Tran -67 16588
VIX +.95 18.73
WTI -261 7995
Brent -225 8253
Gas -8 229
NG -6 492
HO -6 244
Eth unch 221
Gold +20 1851
Slvr +38 2470
2-yr +.106 0.515%
5-yr +.150 1.218%
10yr +.104 1.553%
30yr +.084 1.905%
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