Market Closes - January 6, 2022 - Kentucky Farm Bureau

Market Closes - January 6, 2022

Posted on Jan 6, 2022

Corn Mar +1 604 (596-606); Jly +2 602; Dec unch 554

Bean Mar -7 1387 (1370-94); Jly -6 1401; Nov +2 1306

  Meal Mar -2 411 (405-13)

  Oil -54 5890

Wheat Mar -15 746 (736-62); Jly -12 749 (739-60)

  KC Mar -18 768; MGE -24 924

Oats -14 670

Rice +4 1471

 

LC Feb +10 13735; Apr +50 14245; Jun +32 13757

FC Jan +45 16257; Apr +130 17107; Aug +12 18115

LH Feb +67 8295; Apr +60 8927; Jun +70 10010

Milk Jan -26 2040; Feb -75 limit  2160

CBOT futures closed mostly lower to near steady with corn and soy complex futures ending in the upper end of the day’s trading range. Corn and soybeans experienced early weakness on a disappointing weekly export sales report. However, the latest South American weather forecast put the focus back on crop stress, resulting in prices rallying toward the close. However, wheat fundamentals and technical selling limited its recovery today. KC and Chicago wheat contracts broke below the critical chart support that I’ve discussed and closed below it. The trend and momentum is bearish. Spring wheat (MGE) closed at the lows of the day.

Cattle futures closed slightly higher and near the day’s highs. Cattle sold off after the opening and spent most of the day lower. With stronger beef cutouts, buyers came into the market and brought it back to unchanged by noon. This price action could lead to more buying on Friday, especially if the cash fed market gets active. Choice beef gained 1.63 to 268.56 and Select rose 1.03 to 260.64. Beef movement of 154 loads is similar to the past two days. Negotiated cash trade remained limited today.

Lean hog futures closed higher on strengthening cash hog prices and higher pork values. Follow-through buying to yesterday’s rally lift prices as well. This morning’s weekly pork export sales report was very positive for the hog market. FOB Plant Pork ended up 3.64 at 89.56. Loin value jumped 12 to 87 while picnics fell 15 to 62 and hams gained 10 to 65. Movement was very strong at 411 loads.

 

US$ steady 96.23

Dow -171 36236

SP -5 4696

NAS -19 15081

Tran +1 16345

  VIX -.12 19.61

 

WTI +176 7961

Brent +124 8205

Gas +1 231

NG -4 384

HO +4 248

Gold -36 1789

Slvr -99 2217

 

2-yr +.040 0.870%

5-yr +.037 1.470%

10yr +.022 1.725%

30yr -.009 2.078%

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Check out the full virtual agenda [agri-pulse.us12.list-manage.com] and register at this link [agri-pulse.us12.list-manage.com]. The virtual-only convention registration fee is $25. The official event hashtag is #AFBF22; the event website is https://annualconvention.fb.org/ [agri-pulse.us12.list-manage.com].

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