Market Closes - March 28, 2022 - Kentucky Farm Bureau

Market Closes - March 28, 2022

Posted on Mar 28, 2022

Corn May -5 748 (740-50); Jly -4 730; Dec -4 664 (657-66)

Bean May -46 1664 (1661-1710); JLy -42 1647; Nov -28 1469 (1465-93)

  Meal May -9 479 (477-87); Dec -3 426

  Oil  May -230 7245; Dec -178 6505

Wheat May -45 1057 (1047-96); Jly -41 1051 (1039-82)

  KC May -40 1070; MGE -25 1079

Oats +18 756 – new contract high

Rice -29 1596

 

LC Apr -17 14030; Jun -60 13677; Aug -82 13730

FC Mar -32 15610; May -25 16507; Aug -12 17832

LH Apr +10 10757; Jun +20 12605; Aug -40 12175

Milk Apr -65 2365; May -71 2430

CBOT futures (except for Oats) closed lower to sharply lower under pressure from a broad commodity sell-off due to Covid lockdowns in China and hopes for Russia-Ukraine negotiations. Traders are positioning for Thursday’s USDA reports on Grain Stocks and Planting Intentions. The soy complex and wheat futures lost the most ground and closed near the day’s lows. Corn had a late-day surge that brought prices back near the day’s highs. Corn futures are generally in a wide sideways pattern. KC and Chicago wheat are threatening chart support at the March lows.

Cattle futures closed slightly lower in narrow-range trading. Cattle were pressured by the general commodity sell-off today and by Friday’s Cattle on Feed report showing a record amount of cattle on feed for March 1st. Choice beef rose 1.23 to 263.87 and Select jumped 4.18 to 256.32. Similar to Friday, beef movement was very light at 71 loads. Last week’s average steer price was $138.96/cwt, essentially unchanged from the previous week. Beef production increased 2.16% week/week.

Lean hog futures closed higher in the April-July contracts and lower in the deferred ones. Nearby gains were limited by the commodity sell-off and late weakness in pork values. FOB Plant Pork fell 2.49 to 107.41, far below the morning quote of 113.40. Big morning gains in the belly and ham values evaporated as the day wore on. Pork movement was 270 loads, in line with the previous week’s count. The Quarterly Hogs and Pigs report will be released Wednesday afternoon.

US$+.3% 99.15
  The Dollar is nearing the 22-month high set in early March.

Dow +95 34956

SP +32 4576

NAS +186 14355

Tran +97 16483

  VIX -1.19  19.62

 

WTI -1052 10338

Brent -1107 10958

Gas -31 316

NG -12 545

HO -42 370

Gold -33 1922

Slvr -60 2501

 

2-yr +.035 2.334%

5-yr -.015 2.560%

10yr -.029 2.464%

30yr -.059 2.545%

KY Crop Progress and Condition – March 28, 2022
    With some occasionally warm weather, pastures were able to rejuvenate and relieve some of the pressure to feed hay. With that said, hay supply remains good overall. The current hay supply is rated as 2% very short, 10% short, 75% adequate, and 13% surplus. Livestock condition was rated as 1% very poor, 3% poor, 17% fair, 69% good, and 10% excellent as periods of milder weather lessened stress on animals. Winter wheat condition was rated as 1% very poor, 1% poor, 19% fair, 69% good, and 10% excellent. It is of note that recent cold weather has raised some concern for the winter wheat crop.
 

SCOTUS will hear Prop 12
AFBF-NPPC case challenging space requirements for gestating hogs will be heard by high court.   Read this story by Clicking HERE.


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