Market Closes - December 9, 2021 - Kentucky Farm Bureau

Market Closes - December 9, 2021

Posted on Dec 9, 2021

Corn Mar +4 592 (582-93); Jly +3 592; Dec22 -2 552

Bean Jan +3 1264 (1247-67); Jly +2 1285; Nov +4 1248

  Meal Jan +2 360 (353-61)

  Oil -70 5485

Wheat Mar -18 777 (770-96); Jly -16 775

  KC Mar -15 796; MGE -13 1022

Oats -12 714

Rice -2 1380

 

LC Dec -82 13672; Feb -87 13780; Apr -65 14122

FC Jan +67 16407; Apr -65 16785; May -52 16972

LH Dec +160 7242; Feb +177 7782; Apr +162 8305

Milk Dec -18 1858; Jan +3 1981

Following the midday USDA WASDE report, CBOT futures closed from slightly higher to strongly lower, as in the wheat market. Futures reacted negatively initially and then rebounded higher, making for some wide trading ranges. WASDE was considered neutral for corn and soybeans, but negative for wheat. Old-crop corn closed higher for the 6th out of 7 days, bringing March Corn back to the same level seen November 26. March YC needs to break through this $5.92-97 resistance area soon or another sell-off could be in the cards and leaving a “triple-top” on the chart. The December YC contract could suggest higher prices are possible. Soybeans were supported by yet another daily soybean export sale and a slight reduction in forecasted global ending soybean stocks – from 103.8 MMT to 102.0 MMT. The WASDE was bearish for wheat futures as USDA cut U.S. exports and raised ending stocks. As wheat futures broke short-term chart support, technical selling added to the losses. On some wheat charts, one could argue there are possible “head-and-shoulders” tops. However, one would think fundamentals wouldn’t allow for another 70-80 cents of losses in the short run.  

Cattle futures closed lower except for the January feeder contract. LC were pressured by pessimism about this week’s fed market as the boxed beef market slips. This morning’s weekly beef export sales total was a marketing-year low of 4,200 MT. Cash fed trade has been light at prices mostly steady with last week’s $140/cwt live market. Choice beef edged .44 higher to 264.55 and Select fell 1.41 to 251.68. Beef movement was a huge 204 loads.

As reported by USMEF using USDA data:

   Beef export value per head of fed slaughter equated to $439.46 in October, up 55% from a year ago. The January-October average was $394.14, up 34%. October exports accounted for 14.3% of total beef production and 12.4% for muscle cuts only, up from 12.7% and 10.8%, respectively, in October 2020. For more USMEF export data, click HERE.

 

Lean hog futures closed sharply higher on short-covering after LH had dropped $4-6/cwt the past four trading days. The buying was also encouraged by Tuesday’s huge jump in the pork cutout. For today, after being up 0.27 in the morning, FOB Plant Pork ended down 3.48 at 86.96 in the afternoon report. Ham value fell 15.42 to 70.00. The weekly pork export sale total was disappointing at 19,800 MT.

As reported by USMEF using USDA data:

   Pork export value per head slaughtered equated to $55.83 in October, up 5% from a year ago. The January-October average was $64.10, up 10%. October exports accounted for 26.5% of total pork production, up from 26% a year ago, while the percentage of muscle cuts exported increased slightly to 23.3%.

US$ +.3% 96.23

Dow unch 35755

SP -34 4667

NAS -270 15517

Tran +22 16327

  VIX +1.75 21.65

 

WTI -179 7039

Brent -186 7396

Gas -4 211

NG -3 378

HO -2 224

Gold -10 1775

Slvr -47 2196

 

2-yr +.013 0.692%

5-yr +.010 1.271%

10yr -.007 1.502%

30yr +.003 1.878%

Farmers encouraged to apply for new agricultural exemption number
    Deadline for current farmers is January 1, 2022
    Click Here for the KDA article.


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