Market Closes - February 28, 2022 - Kentucky Farm Bureau

Market Closes - February 28, 2022

Posted on Feb 28, 2022

Corn Mar +38 697 (679-705); Jly +33 677; Dec +27 607

Bean Mar +54 1644 (1621-61); Jly +43 1616; Nov +21 1436

  Meal Mar +7 455 (451-63); Dec unch 402 (401-12)

  Oil Mar +414 7289 (7090-7322); Dec +78 6446

Wheat Mar +85 928 (885-930); Jly +67 917 (879-924)

  KC Mar +67 954; MGE +37 989

Oats +51 696

Rice +25 1536

 

LC Feb +122 14050; Apr -50 14142; Aug -27 13715

FC Mar -230 15772; May -280 16780; Aug -280 18007

LH Apr -17 10350; Jun -45 11342; Aug -87 11147

Milk Mar +14 2204; Apr +37 2285

Grain and oilseed futures closed sharply higher as the Russia-Ukraine war intensifies along with Putin’s mention of nuclear weapons. This rally followed the sharp sell-off seen on Friday, so today’s trading was mostly inside of Friday’s very wide ranges. Wheat was the upside leader which is no surprise given the fact that the two countries account for around 30% of the world’s wheat trade. This wheat will not be shipped on schedule so importers may have to buy U.S. wheat. Corn and wheat closed near the day’s highs but soy contracts ended well below the highs. This market will continue to be very volatile and subject to the money flow of the speculative crowd.

Except for the expiring February LC contract’s gain, cattle futures closed lower with feeder cattle getting hit hard by the sharp gains at the CBOT. April LC and recent cash trade are generally in line with each other. While fed cattle price has been firm, boxed beef values have been trending lower. A week ago, Choice was about $6.50 higher and Select was over $5.40 higher. Choice beef slipped .76 to 257.51 and Select dropped 2.00 to 253.41. Beef movement was poor at 85 loads. Negotiated cash trade was not established. Last week’s market was almost a dollar stronger with prices generally $142-144/cwt live and $227/cwt dressed.

Lean hog futures closed lower for the fourth straight day, although losses were minimal. A strong pork market and cash hog prices limited losses. FOB Plant Pork fell 1.05 to 112.27, much below the morning quote of 120.92. Ham and belly values collapsed from the morning market. Ham value ended down 12 at 81 and belly value was up 12 at 224. Pork movement was good at 274 loads.

US$ +.2% 96.70

Dow -166 33893

SP -11 4374

NAS +57 13751

Tran +61 15268

  VIX +256 3015

 

WTI +421 9580

Brent +306 10099

Gas +4 277

NG -5 457

HO +16 301

Gold +24 1911

Slvr +49 2448

 

2-yr -.150 1.436%

5-yr -.172 1.713%

10yr -.162 1.822%

30yr -.137 2.159%

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