Market Closes - March 2, 2022 - Kentucky Farm Bureau

Market Closes - March 2, 2022

Posted on Mar 2, 2022

Corn May -1 725 (711-48); Jly -14 694; Dec -15 609

Bean May -27 1663 (1650-97); Jly -29 1634; Nov -24 1452

  Meal May -6 448 (443-58); Dec -5 405

  Oil -34 7587 (7455-7702)

Wheat May +75 limit 1059 (985-1059); Jly +74 1041 (955-1042)

  KC May +72 1075; MGE +4 1058

Oats -20 656

Rice +3 1621

 

LC Apr -42 14010; Jun -55 13650; Aug -37 13670

FC Mar +202 15830; May +275 16800; Aug +225 18032

LH Apr +10 10630; Jun -32 11645; Aug -105 11355

Milk Mar -6 2220; Apr -8 2309

Corn and soybean futures closed lower and wheat ended mixed, at an extreme. May Chicago wheat closed limit up 75 cents while December 2022 dropped 40 cents at the close (touched 75-cent down during the day). Corn separated itself from wheat today after rising to a new contract high.  Wheat is used mostly as a food grain while corn is primarily a feed grain. The world will be willing to pay more for food than animal feed. Five times as much wheat is used for food as is used for feed – worldwide. In the U.S., it’s 10 times as much. Soybean futures were pressured by rainfall in some dry areas of South America. This occurred despite very strong daily export sales. The US, EU and other allies are cutting Russia off from the global markets. Likewise, many corporations are announcing the end of doing business with Russia.

Live cattle futures closed slightly lower after opening higher, but feeder cattle futures rallied as corn prices slid. Live Cattle were pressured by a weaker fed cattle market and continued weakness in the cutout. Negotiated trades were reported at $140/cwt, down $2.00 from last week.  Choice dipped .96 to 255.72 and Select slipped .18 to 251.34. Movement of 145 loads was similar to Tuesday.

Lean hog futures were near steady to weaker with little market direction. FOB Plant Pork ended up .23 at 108.42 with ham value down 5 to 80 and belly value up 9 at 205. Pork movement was weak at 243 loads.

US$ steady 97.34

Dow +596 33891

SP +80 4387

NAS +220 13752

Tran +395 15413

  VIX -2.58 30.74

 

WTI +719 11060

Brent +796 11293

Gas +22 331

NG +19 476

HO +34 349

Gold -21 1922

Slvr -35 2519

 

2-yr +.211 1.516%

5-yr +.204 1.758%

10yr +.169 1.880%

30yr +.145 2.251%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here