Market Closes - March 24, 2022
Posted on Mar 24, 2022Corn May -9 748 (745-62); Jly -6 728; Dec -5 667 (664-77)
Bean May -18 1701 (1697-1730); Jly -16 1682; Nov -15 1493 (1491-1514)
Meal May +1 486 (482-89); Dec -3 429 (428-36)
Oil May -168 7429; Dec -32 6627
Wheat May -20 1086 (1080-1115); Jly -17 1074
KC May -16 1095; MGE -6 1083
Oats -19 703
Rice +2 1601
LC Apr +25 13967; Jun +97 13695; Aug +55 13770
FC Mar +67 15677; May +70 16650; Aug +45 17960
LH Apr +22 10277; Jun -90 12207; Aug -40 11945
Milk Apr +14 2435; May unch 2509
CBOT futures closed lower and near the lows of the day. Much of the pressure came from this morning’s weekly export sales report which had disappointing results for corn, soybeans and wheat. Corn was down 47% week/week and soybean sales were down 67% week/week. Soybeans were weighed down also by the sharp drop in May Soybean Oil (crude oil fell today). May Corn is moving sideways in the $7.30-7.70 range. Yesterday, December Corn set a new contract high and high close, and May Soybeans set a new contract high close (high was made February 24 on a spike up).
Cattle futures traded in narrow ranges and closed slightly higher. Live Cattle finished higher despite yesterday’s cash market at weaker prices. Strong weekly beef export sales and higher boxed beef values provided the support. USDA reported yesterday’s market at mostly $138/cwt live and $221/cwt dressed. Choice beef gained .81 at 262.41 and Select lost .65 at 252.59. Beef movement was very good with 129 loads.
Lean hog futures closed mostly lower on a correction following yesterday’s sharp gains. This morning’s weekly pork export sales were negative for prices as 23,200 MT was down 39% from the previous week. FOB Plant Pork ended up 1.62 at 108.01, down slightly from the morning report of 108.62. Primal cuts were mixed with ham value up 11 to 88, belly value down 6 to 192, and picnic value down 6 to 54. Pork movement was good at 257 loads.
US$ +.2% 98.80
Dow +349 34708
SP +64 4520
NAS +269 14192
Tran +115 16329
VIX -1.94 21.63
WTI -369 11124
Brent -375 11785
Gas -8 336
NG +17 541
HO +4 415
Gold +21 1958
Slvr +63 2581
2-yr +.028 2.141%
5-yr +.062 2.402%
10yr +.054 2.375%
30yr +.023 2.543%
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