Market Closes - February 2, 2022 - Kentucky Farm Bureau

Market Closes - February 2, 2022

Posted on Feb 2, 2022

Corn Mar -12 622 (617-41); Jly -11 617; Dec -5 573

Bean Mar +17 1545 (1526-64); Jly +15 1543; Nov +8 1390

  Meal Mar -1 435 (431-48); Dec +1 391

  Oil +15 6598

Wheat Mar -14 755 (749-78); Jly -12 755 (751-76)

  KC Mar -17 769; MGE -7 908

Oats +10 725 Mar

Rice +27 1543

 

LC Feb +82 14112; Apr +152 14690; Jun +165 14162

FC Mar +317 16687; May +222 17575; Aug +155 18517

LH Feb -80 8735; Apr +145 9912; Jun +150 10892

Milk Feb +20 2033; Mar +13 2148

Soybean futures closed higher while corn and wheat lost around two percent in old-crop contracts. Soybeans continued to be supported by daily soybean export sales and downward trending South American production forecasts. December corn and most of the soy complex made new contract highs today but closed well below those. After seeing a corrective bounce Tuesday, corn and wheat followed through on Monday’s sharp losses. The US Dollar has been weakening the last three days, but the Brazilian Real has gained 8% on the US$ the past month. This weighs on Brazil’s soybean price relative to the US. While U.S. ethanol production has been running very strong, ethanol stocks have risen to 25.8 million barrels, the highest level since April 2020. Weekly export sales will be released tomorrow morning.

Cattle futures closed strongly higher with some contracts making new contract highs. LC was supported by a nice jump in negotiated cash price and normal slaughter levels. Feeder cattle futures benefitted from the LC rally and the drop in corn futures. USDA reported moderated cash trading in Nebraska and the Western Cornbelt at prices $3-4/cwt higher than last week. Live prices were $140-141/cwt and dressed prices were mostly $222/cwt. Cash trade was inactive in the Southern Plains. Choice beef dropped 2.29 to 283.15 and Select slipped .65 to 279.57. Beef movement was a strong 130 loads.

Lean hog futures beyond the February LH contract closed strongly higher. Those contracts also traded new contract highs. LH was supported by the strong cash and pork markets. FOB Plant Pork jumped 3.47 to 96.44 with ham value up 11 to 63. Pork movement was modest at 295 loads. LH futures are in overbought territory so upside may be limited in the short-run.

US$ -.3% 95.99

Dow +224 35629

SP +43 4589

NAS +72 14418

Tran +129 15740

  VIX -1.09  20.87

 

WTI -21 8799

Brent +15 8931

Gas +3 261

NG +67 542

HO +3 277

Gold +6 1807

Slvr +5 2265

 

2-yr -.009 1.156%

5-yr -.013 1.161%

10yr -.023 1.777%

30yr -.014 2.110%

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