Market Closes - April 18, 2022 - Kentucky Farm Bureau

Market Closes - April 18, 2022

Posted on Apr 18, 2022

Corn May +23 813 (790-817); Jly +23 807; Dec +14 750 (737-50)

Bean May +32 1715 (1688-1720); Jly +28 1693; Nov +19 1521 (1503-26)

  Meal May +5 466 (458-69); Dec +5 424

  Oil  May +108 7999; Dec +81 7159

Wheat May +24 1120 (1098-1135); Jly +24 1129 (1109-43)

  KC May +31 1185; MGE +30 1175

Oats +4 761

Rice +35 1655

 

LC Apr -20 14047; Aug -95 13737; Oct -105 14377

FC Apr -242 15577; Aug -287 17147; Oct -240 17757

LH May +377 11652; Jly +290 12232; Oct +105 9982

Milk Apr -8 2425; May -36 2510; Jun -4 2527

CBOT futures closed sharply higher and near the day’s highs as corn futures set new contract highs. Corn futures led the market higher as most factors appear bullish – slow planting progress and unfavorable April U.S. weather forecast, intensifying Ukraine war, dryness in Brazil’s safrinha crop and Chinese demand. Wheat also gained support from the War and no rain relief for the Plains HRW wheat area (crop ratings dropped in tonight’s report).  LaNina remains locked in place leading to the dry Plains and a wet Ohio Valley and Southeast (risk of severe weather too). Ever higher vegetable oil prices lifted the soybean market. Today’s rally occurred despite steady energy futures and a stronger US Dollar.

U.S Crop Progress
Corn is 4% planted vs 2% last week and 6% 5-yr avg.

Soybeans are 1% planted vs N/A last week and 2% 5-yr avg.

Winter Wheat Condition:
  30% good/excellent vs 32% week ago and 53% year ago.
  37% poor/v.poor vs 36% week ago and 17% year ago.

Cattle futures closed lower with feeder futures down sharply due to the CBOT rally. Live Cattle opened higher but succumbed to the sharp drop in FC. On the chart, today’s price action is bearish, but a strong cash market could negate the signal. Negotiated cash trade wasn’t established.  Choice beef fell 1.54 to 271.08 and Select edged up .56 to 259.46. Beef movement was good at 107 loads.

Lean hog futures closed sharply higher and at/near the day’s highs. LH were supported by a strong morning cutout and technical buying. May LH’s large premium to the cash index should limit LH gains. FOB Plant Pork ended down .72 at 109.49 after being up 6.05 in the morning. The value of ham and belly both fell sharply by the closing report. Pork movement was strong at 295 loads.

US$ +.3% 100.78

Dow -40 34412

SP -1 4392

NAS -19 13332

Tran -46 14798

  VIX -.53 22.17

 

WTI +64 10759

Brent +98 11268

Gas -3 335

NG +47 777
   Traded over $8.00 today – 13 year high. Traded $4.00 February 11. Nat Gas inventories in the U.S. are 24% below year-ago and at a 3-year low. Isn’t good for nitrogen fertilizer manufacturing.  

HO +4 390

Gold +7 1982

Slvr +34 2604

 

2-yr +.008 2.452%

5-yr +.032 2.792%

10yr +.049 2.857%

30yr +.027 2.944%
 

THE WORLD HAS ADDED 73 MILLION CROP ACRES IN PAST TWO YEARS, NEARLY THE TOTAL OF U.S. CORN ACRES
  By David Widmar, Agricultural Economic Insights
https://www.agrimarketing.com/ss.php?id=140510


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