Market Closes - November 17, 2021
Posted on Nov 17, 2021Corn Dec +4 575 (570-84); Mar +4 581; Jly +4 587
Bean Jan +26 1277 (1251-89); Mar +25 1288; Jly +23 1302
Meal Dec +7 375 (367-82)
Oil +6 5923
Wheat Dec +12 822 (810-35); Jly +10 823
KC Dec +13 834; MGE +12 1027
Oats +9 739
Rice +18 1437
LC Dec +50 13222; Feb +30 113640; Apr +47 14027
FC Nov +42 15607; Jan -35 15892; Apr +30 16372
LH Dec -155 7617; Feb -22 8315; Apr +15 8752
Milk Nov -9 1788; Dec -5 1716; Jan -24 1774
CBOT futures closed higher across the board but well off the day’s highs which were made mostly in the 9:00 am CT hour. Soybeans and wheat lead the market higher, supported in part by future La Nina-related weather concerns (dryness). Confirmation of Chinese soybean purchases and India’s soybean oil purchase attracted buyers to the market. Wheat bounced back from Tuesday’s profit-taking losses. January soybeans reached levels not seen since September 30. December soybean meal hasn’t been this high since July 2. The CBOT rally has mostly ignored the recent strength in the US Dollar which hit a new 4-month high. The US$ Index has recovered half of its March 2020-January 2021 decline. See Chart here. Energy futures fell sharply today.
Live and feeder cattle futures closed only fractionally higher in fairly narrow trading ranges. Futures held up well despite falling boxed beef values and rising corn prices. USDA indicated no trend established in the cash fed market but the few trades reported are steady to last week’s $132 and $207. Traders may be optimistic the cash market will move higher by Friday as packers have margin to share. Choice beef fell 3.66 to 278.47 and Select fell 2.53 to 264.06. Beef movement was strong at 188 loads, the best since November 10.
Lean hog futures closed lower in the December and February contracts and higher in the deferred months. The weak cash hog and pork markets weighed the December LH after its big jump yesterday. FOB Plant Pork ended down 3.25 to 84.52 with hams down 6.10 to 66.30 and bellies down 9.73 to 121.12. Pork movement was similar to Tuesday’s at a strong 384 loads.
Broiler-Type Chicks Placed in the U.S. Up 4 Percent
Broiler growers in the United States weekly program placed 182 million chicks for meat production during the week ending November 13, 2021, up 4 percent from a year ago.
US$ -.1% 95.79
Dow -211 35931
SP -12 4689
NAS -52 15922
Tran -241 16550
VIX +.78 17.15
WTI -228 7746
Brent -222 8021
Gas -6 229
NG -29 489
HO -6 237
Gold +15 1870
Slvr +21 2515
2-yr -.018 0.502%
5-yr -.034 1.233%
10yr -.042 1.592%
30yr -.038 1.980%
“Across Kentucky” podcast - Click Here
KENTUCKY CASH GRAIN PRICES – Click Here
KENTUCKY LIVESTOCK AUCTIONS -- Click Here
Comments