Market Closes - November 22, 2021
Posted on Nov 22, 2021Corn Dec +6 577 (570-79); Mar +7 584; Jly +7 589
Bean Jan +11 1274 (1260-79); Mar +11 1286; Jly +10 1301
Meal Dec -2 370
Oil +125 5941
Wheat Dec +23 846 (826-48); Jly +20 849 (831-50)
KC Dec +27 862; MGE +13 1023
Oats -13 751
Rice -2 1454
LC Dec +90 13442; Feb +127 13897; Apr +97 14227
FC Jan +77 16170; Mar +72 16410; May +80 16842
LH Dec +90 7465; Feb +55 8302; Apr +40 8775
Milk Dec -23 1834; Jan -8 1890
Most of the CBOT grain and oilseed contracts closed higher, lead by the KC and Chicago wheat markets. Wheat remains supported by supply concerns in the year ahead as it’s too dry in the U.S. Plains and too wet in Australia – damaging the ripening crop. Paris wheat futures made new contract highs as did the KC/Chicago markets. Russia is raising its export tariff to keep more wheat at home to limit food inflation. Corn and soybeans followed wheat higher. Last week’s export inspections reported this morning were disappointing. Corn exports for 2021/22 are running over 18% behind year-ago. However, ethanol remains a positive factor for corn demand. China’s soybean imports are running behind year-ago for both the U.S. and Brazil.
U.S Crop Progress
Corn harvested is 95% completed vs 91% last week and 92% for the 5-year average.
Soybean acreage harvested is 95% completed vs 92% last week and 96% for the 5-year average.
Winter Wheat Condition:
44% good/excellent vs 43% year ago
22% poor/v.poor vs 21% year ago
Cattle futures closed higher in follow-through buying off last week’s cash strength and bullish momentum. Friday’s neutral Cattle on Feed report didn’t get in the way of a rally. Cash trade was inactive today. Last week’s prices ranged $132-135/cwt live and mostly $210/cwt dressed. The 5-market average last week was $133.01/cwt. Choice beef edged up .84 to 279.25 and Select slipped .10 to 263.73. Beef movement was a light 124 loads.
Lean hog futures closed higher on morning strength in the pork market offsetting cash hog weakness. The pork market gave up nearly $5.00 by the afternoon. The shortened Thanksgiving work week won’t help the hog market. FOB Plant Pork dropped 3.57 to 86.25 versus a gain of 1.32 in the morning report. Ham value fell 10.02 to 72.65 and the butt and belly lost 5% in value. Pork movement was in line with most of last week with a heavy 385 loads.
US$ +.5% 96.51
US$ made a new high – a level not seen since July 2020.
Dow +17 35619
SP -15 4683
NAS -203 15855
Tran +222 16739
WTI +55 7649
Brent +61 7950
Gas +4 225
NG -28 479
HO +3 232
Eth unch 221
Gold -47 1805
Slvr -58 2420
Treasury rates moved strongly higher after President Biden announced he would reappoint Powell as the Fed Chair. This suggests the Fed will move forward with its “taper” program and eventually raise rates in 2022.
2-yr +.083 0.588%
5-yr +.117 1.320%
10yr +.091 1.627%
30yr +.058 1.964%
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