Market Closes - February 1, 2022 - Kentucky Farm Bureau

Market Closes - February 1, 2022

Posted on Feb 1, 2022

Corn Mar +9 635 (624-39); Jly +9 628; Dec +4 578

Bean Mar +38 1528 (1485-1539); Jly +35 1528; Nov +15 1382

  Meal Mar +17 436 (417-37); Dec +5 390

  Oil +101 6583

Wheat Mar +8 769 (760-77); Jly +7 767 (760-74)

  KC Mar +5 786; MGE +8 915

Oats +19 715

Rice +10 1516

 

LC Feb +72 14030; Apr +85 14537; Jun +90 13997

FC Mar +67 16370; May +62 17352; Aug +92 18362

LH Feb -32 8815; Apr +197 9767; Jun +190 10742

Milk Feb -19 2016; Mar -46 2135

CBOT futures closed strongly to sharply higher led by huge speculative buying in soybean and soybean meal futures. Traders rallied soybean futures for the fifth straight day as private production estimates keep going down for the South American soybean and corn crops. China also has been in the daily soybean export sales report. Corn gained support by today’s news that the December corn grind for ethanol was a higher-than-expected 486 million bushels, up from 467 in November and up 54 million bushels from December 2020. Wheat futures rallied on spillover support but only regained a portion of Monday’s huge losses. New-crop corn and old/new soybean and meal futures made new contract highs. Wheat, as well as other commodities, also benefitted from a second day of a weaker U.S. dollar.

Cattle futures closed higher on support from Monday afternoon’s CATTLE inventory report showing tighter supplies. An apparent return to normal slaughter levels lifted LC futures but weighed on boxed beef values. Choice beef dropped 4.96 to 285.44 and Select fell 3.05 to 280.22. Beef movement was good at 127 loads.  Negotiated fed cattle trade was not established.

Lean hog futures closed higher except for the nearby February LH contract. All months traded to new contract highs. LH was supported by a strong cash market responding to improved slaughter levels. FOB Plant Pork was not reported in the afternoon due to technical issues, but was down .79 to 93.72 in the morning.

 

US$ -.4% 96.26

Dow +273 35405

SP +31 4547

NAS +106 14346

Tran +328 15610

  VIX -2.87  21.96

 

WTI +133 8815

Brent +74 8926

Gas +2 255

NG +23 487

HO unch 272

Gold +5 1801

Slvr +20 2259

 

2-yr +.004 1.169%

5-yr +.006 1.624%

10yr +.013 1.795%

30yr +.019 2.117%

Beef Cattle Numbers Continue to Decline
     By: Kenny Burdine, University of Kentucky
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