Market Closes - January 11, 2022
Posted on Jan 11, 2022Corn Mar +1 601 (598-605); Jly +1 600; Dec unch 557
Bean Mar +2 1386 (1372-95); Jly +2 1401; Nov unch 1300
Meal Mar -3 413 (411-20)
Oil +84 5887
Wheat Mar +8 770 (758-70); Jly +9 769 (755-70)
KC Mar +13 792; MGE +14 928
Oats -8 656
Rice -32 1425
LC Feb +142 13767; Apr +62 14120; Jun +62 13685
FC Jan +115 16207; Apr +67 17012; Aug +25 18102
LH Feb -52 7785; Apr -50 8420; Jun -22 9627
Milk Jan +11 2038; Feb +38 2193
Corn and soybean futures closed slightly higher after trading both sides of unchanged, while wheat moved higher on continued short-covering. Traders were positioning ahead of tomorrow’s midday USDA crop reports covering production, grain stocks, supply-demand tables, and wheat seedings. KC and Chicago wheat futures were up for the third straight day. Soybean oil rallied strongly as crude oil soared to new contract highs.
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EPA Renews Enlist Product Registrations with New Control Measures, Providing Growers with Certainty for the 2022 Growing Season – January 11, 2022
** CLICK HERE for EPA release **
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Cattle futures closed higher with the nearby LC and FC contracts leading the way. The February LC opened higher and rallied the first two hours of trading. Traders appeared to be covering short positions (profitable for past two weeks) as boxed beef values rise to the highest level since November 26. February LC is aligned well with the current cash fed market. Choice beef gained 2.18 to 278.22 and Select rose 2.13 to 268.63. Beef movement of 150 loads was a big improvement over the past two business days (96, 107). USDA reported light cash trade at $137, down $1.00, in the TX Panhandle and $135-137, $1.00-3.00 lower, in Kansas.
Lean hog futures closed slightly lower, making for three straight days moving downward. Losses were limited by early pork strength that didn’t last. FOB Plant Pork dropped 4.80 to 81.62, down from the morning quote of 86.46. The difference is due to ham value falling 10 to 44, belly value falling 5 to 135, and loin value going from 87 in the morning to 82 this afternoon. Pork movement was extremely light at 174 loads (Could the data be wrong? Load count averaged around 400 the past three business days.)
US$ -.3% 95.61
Dow +183 36252
SP +43 4713
NAS +211 15153
Tran -28 15991
VIX -.99 18.41
WTI +299 8122
Brent +285 8372
Gas +8 236
NG +17 425
HO +8 256
Gold +20 1818
Slvr +35 2281
2-yr -.015 0.889%
5-yr -.030 1.507%
10yr -.034 1.746%
30yr -.033 2.076%
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