Market Closes - February 23, 2022 - Kentucky Farm Bureau

Market Closes - February 23, 2022

Posted on Feb 23, 2022

Corn Mar +9 684 (669-85); Jly +9 674; Dec +5 611 (601-12)

Bean Mar +40 1675 (1636-79); Jly +30 1660; Nov +14 1487 (1469-88)

  Meal Mar+17 471 (454-74); Dec +8 424

  Oil Mar +57 7072; Dec +11 6538

Wheat Mar +32 876 (834-80); Jly +31 879 (839-82)

  KC Mar +32 913; MGE +15 1001

Oats -1 679

Rice -6 1506

 

LC Feb -70 14305; Apr -127 14475; Aug -72 14007

FC Mar -145 16277; May -85 17367; Aug -92 18420

LH Apr -405 10802; May -300 11265; Aug -132 11652

Milk Feb +3 2092; Mar -16 2230

CBOT futures closed sharply higher with corn, soybeans, KC wheat and Chicago wheat making new contract highs. These contracts have closed higher for the fifth straight trading day. Most of the price gains have come this week due to the Russian threat to Ukraine and the potential reduction in corn and wheat exports from those sources. Combined they account for almost 30% of the world’s wheat exports and almost 20% of global corn exports. Soybeans gained additional support from the ongoing concern for South American production and China’s regular appearance in the daily soybean export sales report. Wheat is also supported by the drought in the HRW wheat area. Expect more volatility in CBOT futures as the Russia/Ukraine situation ebbs and flows. Geopolitical outcomes could push prices either direction as the speculative funds could have an outsized influence.  

Cattle futures closed lower and near the day’s lows following a late day sell-off as equity markets fell and grain prices rallied. The cash market hasn’t been established and some think a seasonal peak has been made. Choice beef dropped .76 to 260.88 and Select fell 4.68 to 258.96. Beef movement was very strong at 196 loads.

Lean hog futures closed sharply lower after setting some new contract highs soon after the market opened this morning. This price action is a bearish reversal. LH was pressured by profit-taking as the market was in overbought territory and ready for a correction. FOB Plant Pork closed up .36 at 109.12 compared to the morning quote of 114.21. Pork movement was moderate at 248 loads.

US$ +.2% 96.21

Dow -465 33132

SP -79 4225

NAS -344 13037

Tran -212 14523

  VIX +2.02  30.83

 

WTI +40 9230

Brent +26 9710

Gas +1 272

NG +12 462

HO +2 284

Gold +4 1911

Slvr +27 2458

 

2-yr +.019 1.606%

5-yr +.046 1.919%

10yr +.050 1.998%

30yr +.049 2.302%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here