Market Closes - December 13, 2021 - Kentucky Farm Bureau

Market Closes - December 13, 2021

Posted on Dec 13, 2021

Corn Mar -5 585 (582-90); Jly -4 587; Dec22 -8 542

Bean Jan -24 1244 (1243-71); Jly -22 1266; Nov -18 1230

  Meal Jan -5 362 (361-67)

  OIL -34 5335

Wheat Mar +3 789 (776-94); Jly +3 786

  KC Mar +7 812; MGE -3 1018

Oats -7 706

Rice -5 1377

 

LC Dec +10 13695; Apr +50 14237; Jun +40 13790

FC Jan +65 16552; Mar +117 16647; May +117 17127

LH Dec -77 7227; Feb -27 8075; Apr -12 8585

Milk Dec unch 1860; Jan +8 1990

Grain and soy complex futures closed mixed with beans leading the way to the downside. The soy complex was pressured by rainfall in some dry areas of South America, no daily soybean export sale, and by disappointing weekly U.S. export inspections released this morning by USDA. January soybean oil saw follow-through selling from Friday’s close below the September low support. Corn closed lower in sympathy with the beans. KC and Chicago wheat futures saw more buying after Friday’s strong closes ended a 3-week price decline. Further strength is needed to keep a head-and-shoulders top from possibly materializing. The March Chicago Wheat contract is testing the uptrend off the July and September lows; support could be near $7.80 tomorrow.

See Chart here: https://hpjmarkets.agricharts.com/markets/chart.php?symbol=ZWh22&compare=&type=BAR&grid=1&logscale=0&density=H&period=D&size=S&indicators=RSI%252814%252C0%252C100%252C10079487%252C10040064%2529%280%2C0%2C0%29%3BSMA%252820%252C%2529%280%2C0%2C0%29


Cattle futures closed higher with feeder futures leading the way. Live cattle traded lower in the first hour of trading on good volume before turning higher and closing in the upper range. Early weakness may have been tied to last week’s slightly lower cash fed market. Choice beef dropped 1.32 to 263.22 and Select rose 1.40 to 253.64; this narrowed the Choice-Select spread to 9.58.  Beef movement was a low 127 loads.

Lean hog futures closed lower despite a huge surge in the pork cutout in the morning. This may be related the December LH contract’s expiration tomorrow with it priced at a premium to the CME Lean Hog Index. FOB Plant Pork closed down .84 at 87.03 which is far below the morning quote of 96.27 when belly value was up 24 at 160, ham up 12 at 83 and loin value up 7 at 82. Pork movement was a moderate 345 loads.

US$ +.3% 96.35

Dow -320 35651

SP -43 4669

NAS -217 15413

Tran -194 16211

  VIX +1.62 20.31

 

WTI -53 7095

Brent -890 7425

Gas -2 212

NG -10 382

HO -2 223

Gold +3 1787

Slvr +14 2234

 

2-yr -.030 0.632%

5-yr -.050 1.203%

10yr -.075 1.414%

30yr -.085 1.799%

Farmers encouraged to apply for new sales tax agricultural exemption number

    Deadline for current farmers is January 1, 2022
    Click Here for the KDA article.

 

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