Market Closes - January 19, 2022 - Kentucky Farm Bureau

Market Closes - January 19, 2022

Posted on Jan 19, 2022

Corn Mar +11 610 (600-14); Jly +11 607; Dec +7 565

Bean Mar +30 1391 (1363-92); Jly +29 1406; Nov +20 1304

  Meal Mar +8 398 (391-400); Dec +5 374

  Oil +168 6076

Wheat Mar +27 796 (769-97); Jly +28 787 (760-88)

   KC Mar +27 800; MGE +33 940

Oats +9 655

Rice +13 1465

 

LC Feb +87 13855; Apr +150 14335; Jun +140 13847

FC Jan -5 16140; Apr +47 17005; Aug +82 18230

LH Feb +70 8230; May +162 9597; Jun +152 10187

Milk Jan +2 2025; Feb -35 2127

 

CBOT futures closed sharply higher and near the day’s highs on a variety of friendly factors. Traders expect the South American weather forecast to revert back to warm and dry in the areas where the crops have already been damaged. The rising energy markets continue to support CBOT futures. (WTI Crude Oil hasn’t been this high since October 2014)  December Corn made a new contract high and contract high close. March Corn sits 30 cents below the contract high set last May. Wheat rose strongly for a second day as traders worry about potential winterkill in the Plains and how the Russia/Ukraine conflict plays out. The backdrop of higher U.S. inflation is also supportive to commodity prices.

Cattle futures were higher with Live Cattle leading the way. LC were supported by the uptrend in boxed beef values and the general rise in most commodity prices. LC have well-established trading ranges and price has moved back to the upper half of the range. February LC closed a down-gap created January 4. April LC is less than a dollar from filling its down-gap. Daily cattle slaughter levels have improved some from last week when traders focused on reduced plant staffing due to Omicron. Choice beef gained 2.11 to 291.60 and Select 2.04 to 280.43. Negotiated fed cash prices have been mostly steady at $137 live and $218 dressed. Beef movement was good at 115 loads.

Lean hog futures closed strongly higher with spring and summer contracts leading the way with May’22 and beyond LH contracts making new contract highs. LH was supported by strong cash fundamentals and technical buying. Market news mentioned traders concerned that PRRS could tighten hog numbers this summer. FOB Plant Pork cutout soared by 8.26 to 95.47, higher than 93.50 in the morning quote. Ham value rose 50% to 92 and loin value gained over 9%. Butt value fell 18% to 81. Pork movement was very high at 387 loads.

US$ -.1% 95.60

Dow -340 35029

SP -44 4533  

  S&P500 is nearing its November/December lows with analysts fearing further downside as interest rates trend higher.

NAS -167 14340

Tran -69 15588

  VIX +1.06 23.85

 

WTI +74 8617

Brent +13 8764

Gas +1 244

NG -26 402

HO -1 266

Eth unch 216

Gold +29 1841

Slvr +70 2419

2-yr +.017 1.057%

5-yr +.004 1.653%

10yr -.002 1.866%

30yr -.008 2.178%

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