Market Closes - November 3, 2021
Posted on Nov 3, 2021Corn Dec -9 564 (563-73); Mar -9 572; Jly -8 577
Bean Jan -12 1244; Mar -12 1255; Jly -10 1271
Meal Dec +4 341 (336-41)
Oil -96 6103
Wheat Dec -10 781 (777-797); Jly -6 786
KC Dec -7 791; MGE -31 1044
Oats -14 746
Rice unch 1327
LC Dec +170 13165; Feb +142 13665; Apr +125 13942
FC Nov +160 15917; Jan +220 15922; Apr +180 16330
LH Dec +170 7595; Feb +140 7855; Apr +135 8267
Milk Nov -9 1822; Dec -25 1800
Except for soybean meal, CBOT futures closed much lower and near the day’s lows. Corn and wheat extended their corrective losses from Tuesday, aided by the sharp drop in energy futures. Even as meal rallied, beans were weighed down by soybean oil’s 1.5% drop in sympathy with energy. MGEX spring wheat futures fell sharply today after managing a steady close yesterday as KC/Chicago wheat futures slid. The weekly export sales report comes out tomorrow morning and the next USDA WASDE is on November 9.
Cattle futures closed strongly higher on strong cash markets for feds and beef. Limited cash trade was reported at $128/cwt in the southern Plains and $128-130/cwt in the north; this is up $2-3/cwt from last week. Analysts are bullish on late-week cash pricing. Choice beef gained 1.11 to 288.49 and Select rose 1.59 to 267.72. Beef movement improved to 140 loads today, the best since October 27. Nearby LC futures haven’t been this high since September 2-3.
Lean hog futures closed strongly higher and near the day’s highs, rebounding from Tuesday’s losses. LH was supported by the LC rally and by a huge jump in the pork cutout. FOB Plant Pork soared by 6.23 to 100.44 and was up 8.55 in the morning quote. The cutout benefitted from ham value rising 23.61 to 89.80 – this has been a volatile market. Pork movement was again strong at 313 loads.
US$ -.3% 93.84
Dow +105 36158
SP +30 4661
NAS +162 15812
Tran -178 16861
VIX -.93 15.10
WTI -356 7888
Brent -340 8132
Gas -12 233
NG +31 585
HO -9 242
Eth unch 221
Gold -19 1770
Slvr +4 2355
2-yr +.016 0.472%
5-yr +.041 1.190%
10yr +.058 1.605%
30yr +.064 2.022%
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