Market Closes - March 1, 2022 - Kentucky Farm Bureau

Market Closes - March 1, 2022

Posted on Mar 1, 2022

Corn May +35 726 (693-726); Jly +31 708; Dec +17 625 (604-30)

Bean May +53 1690 (1641-97); Jly +46 1663; Nov +41 1477 (1439-85)

  Meal May +8 454 (448-59); Dec +8 410

  Oil May +369 7621 (7270-7648)

Wheat May +50 limit 984 (932-84); Jly +50 limit 967 (915-67)

  KC May +50 limit 1003; MGE +60 1054

Oats +35 676

Rice +50 1618

 

LC Apr -90 14052; Jun -65 13705; Aug -7 13707

FC Mar -145 15627; May -255 16525; Aug -200 17807

LH Apr +270 10620; Jun +335 11677; Aug +312 11460

Milk Mar +21 2226; Apr +36 2311

CBOT futures soared higher again today as the Russian-Ukraine war intensifies and many countries and companies distance themselves from doing business with Russia. Corn and wheat exports from the two exporters could be disrupted until the war ends or longer. The spot month price in soybean oil futures has never before been this high. China continues to show up on the daily soybean export sales report each day. Market news reported a rumor that China bought a huge amount of U.S. corn (to replace Ukraine corn?)  Ukraine is also the main supplier of sunflower seed oil. Palm oil is at record high prices. Some wheat futures closed up the daily limit of 50 cents, making the limit tomorrow at 75 cents. Nearby Chicago wheat futures haven’t been this high since March 2008. Nearby KC Wheat futures haven’t been this high since April 2008. It’s no surprise to see the strong wheat rally as it looks more likely that exports from Ukraine and Russia will be interrupted, or some importers will cancel their Russian contracts in support of the Ukraine. Dry soils in much of the Plains is also supportive to the wheat market.

RMA 2022-crop insurance guarantee for corn is $5.90 per bushel, $1.05 higher than 2021 and the highest since 2011. For soybeans, the guarantee is a record-high $14.33, up $2.46 from 2021.

Live cattle closed mixed and feeder cattle ended moderately lower as CBOT futures soared again today. Live cattle were lower in the near contracts as a lack of cash trading weighs on LC futures given recent weakness in boxed beef values. Choice beef slipped .83 to 256.68 and Select dropped 1.89 to 251.52. Beef movement was moderate at 144 loads. April FC continued its long slide from $174/cwt peak toward the November 1 low near $156/cwt.

Lean hog futures closed strongly higher, ending a 4-day decline. Stronger cash hog prices and short-covering were cited as support. FOB Plant Pork dropped 4.08 to 108.19 with 291 loads moving. Belly value fell 28 to 196, while ham value rose 4 to 85.

US$ +.6% 97.37
     Highest level since June 2020

Dow -598 33295

SP -68 4306

NAS -219 13532

Tran -250 15018

  VIX +3.47  33.62

 

WTI +769 10341

Brent +700 10497

Gas +16 309

NG +17 457

HO +22 315

Gold +43 1944

Slvr +117 2554

 

2-yr -.095 1.333%

5-yr -.149 1.570%

10yr -.123 1.716%

30yr -.072 2.109%

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