Market Closes - April 11, 2022 - Kentucky Farm Bureau

Market Closes - April 11, 2022

Posted on Apr 11, 2022

Corn May -4 764 (762-78); Jly -2 759; Dec +2 718 (713-24)

Bean May -34 1655 (1651-97); Jly -27 1641; Nov -10 1486 (1475-1502)

  Meal May -9 459 (458-71); Dec -2 421

  Oil  May -82 7430; Dec -38 6819

Wheat May +30 1081 (1055-92); Jly +31 1089 (1061-96)

  KC May +35 1141; MGE +15 1142

Oats May +8 803

Rice May -15 1562

 

LC Apr +70 13852; Aug +77 13662; Oct +65 14390

FC Apr +10 15665; Aug -25 17330; Oct +30 17972

LH Apr -60 9842; Jun +45 11502; Aug +60 11540

Milk Apr unch 2418; May  +5 2490; Jun +18 2482

CBOT futures closed widely mixed with big losses in the soy complex and 3% gains in KC and Chicago wheat. Soybean futures made the day’s highs at the opening Sunday evening and accelerated to the downside after the 8:30 a.m. reopening. A sharp drop in crude oil prices weighed on soy as China COVID lockdowns continue. Corn made its daily highs at the 8:30 a.m. reopening and then was pressured lower by the soybean price decline. Corn was supported by the wheat rally and a 1.02 MMT corn purchase by China announced this morning by USDA. Corn supplies may be tighter from Ukraine (extended war) and Brazil (dry forecast). December Corn made new contract high and high close. Extended April forecasts call for much below average temperatures which could mean increased risks of a late frost in the Corn Belt. Despite dry soils, Texas has planted 63% of its corn acreage, up 5 points from the 5-yr average. KY is 4% planted, behind the 6% average.

U.S Crop Progress
Corn is 2% planted vs 2% last week and 3% 5-yr avg.

Winter Wheat Condition:
  32% good/excellent vs 30% week ago and 53% year ago.
  36% poor/v.poor vs 36% week ago and 17% year ago.
 

Cattle futures closes mostly higher with minimal gains. Feeder futures moved lower early in the session under pressure from the strong corn futures market. However, as corn prices backed down, feeders rallied into the close. Live cattle also rallied into the close. Choice beef rose 1.64 to 272.11 and Select beef slipped .04 to 260.29. Beef movement was a low 82 loads. Negotiated cash trade wasn’t established today. Last week’s prices were $138-140/cwt live and $222/cwt dressed. Last week’s beef production of 535 million pounds was up 5.4% week/week and up 6.0% year/year.

Lean hog futures closed higher except for nearby April LH. Despite very strong pork cutouts today, traders followed the weakening cash hog market. FOB Plant Pork ended up 3.48 at 106.64, well below the morning quote of 111.75. The difference was due to sharp drop-offs from 18 cent/lb gains in values of ham and bellies. Pork movement of 254 loads was in line with the past week’s pattern.

US$ +.2% 99.99

Dow -413 34308

SP -76 4413

NAS -299 13412

Tran +56 14527

  VIX +3.21  24.37

 

WTI -308 9518

Brent -353 9925

Gas -11 302
  May futures contract peaked near $3.80 on March 7.  AAA reports Kentucky average regular gas price at $3.85 versus $4.05 a month ago and $2.70 a year ago. KY’s average diesel price is $4.95 versus $2.92 a year ago.

NG +42 670

HO -3 329

Gold +12

Slvr +43 2525

 

2-yr -.014 2.506%

5-yr +.033 2.790%

10yr +.069 2.784%

30yr +.067 2.813%

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