Corn Mar -10 626 (622-42); Jly -7 619; Dec +4 573

Bean Mar +20 1490 (1473-97); Jly +19 1492; Nov +15 1367

  Meal Mar +8 419 (412-20); Dec +6 385

  Oil -45 6482

Wheat Mar -25 761 (757-98); Jly -21 760 (756-94)

  KC Mar -21 781; MGE -14 906

Oats +20 695

Rice +8 1506

 

LC Feb +87 13957; Apr +142 14452; Jun +107 13907

FC Mar +340 16302; May +297 17290; Aug +260 18270

LH Feb +55 8847; May -22 9967; Jun -25 10552

Milk Feb +10 2029; Mar +13 2151

 

CBOT futures closed widely mixed with wheat and old-crop corn posting big losses. Wheat led the way lower as traders eased concerns over Ukraine and were pleased to see significant snow coming to KS and OK this week. Corn futures moved higher overnight but fell sharply with wheat after the 8:30 a.m. opening. Old-crop corn futures made new contract highs before closing sharply lower. Technically, old-crop corn and wheat futures posted negative-looking days. Soybeans and meal futures closed strongly higher with support coming from falling production estimates for South American soybean crops, forecasts for weather to turn drier again, and the pick up in soybean export sales to China (both 2021/22 and 2022/23).

Live cattle closed moderately higher and feeder cattle posted big gains as corn prices fell. Live cattle moved higher without support from the cash fed market or the beef cutout. Bullish momentum from last week lifted the market. Choice beef slipped .02 to 290.40 and Select lost .14 to 283.27. Beef movement was light at 88 loads. Negotiated cash trade was not established.

This afternoon’s CATTLE inventory report, put all cattle and calves on January 1, 2022 at 91.9 million head, down 2.0% from a year earlier. Beef Cows, at 30.1 million head, is down 2.3%. Milk Cows is down only 0.7%. Beef replacement heifers (500+ lbs) expected to calve this year at down 2.8% from January 1, 2021.

Lean hog futures closed narrowly mixed with nearby edging higher on strong cash fundamentals and a pickup in slaughter. FOB Plant Pork ended down 1.88 at 94.51, lower than the morning quote of 99.66. Ham value dropped 9% to 59. Pork movement was very strong at 353 loads.

US$ -.6% 96.64

Dow +406 35132

SP +84 4516

NAS +469 14240

Tran +234 15283

  VIX -2.83  24.83

 

WTI +134 8816

Brent +118 9121

Gas +2 256

NG +199 626

HO -3 276

Gold +14 1798

Slvr +17 2247

 

2-yr +.013 1.185%

5-yr -.008 1.614%

10yr +.004 1.784%

30yr +.033 2.116%

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