Market Closes - March 7, 2022 - Kentucky Farm Bureau

Market Closes - March 7, 2022

Posted on Mar 7, 2022

Corn May -3 751 (736-80); Jly +6 727; Dec +13 643 (631-50)

Bean May -1 1659 (1654-97); Jly +1 1634; Nov +3 1453

  Meal May -2 459 (456-71); Dec +1 414 (409-21)

  Oil  May +142 7422; Dec +38 6375

Wheat May +85 limit 1294 (1294-1294); Jly +77 1252 (1190-1260)

  KC May +37 251; MGE +50 1197

Oats May -23 642

Rice -19 1625

 

LC Apr +212 13790; Jun +140 13392; Aug +115 13530

FC Mar +147 15460; May +255 16490; Aug +200 17810

LH Apr -17 10027; Jun -75 11100; Aug -110 10862

Milk Mar +5 2260; Apr +30 2398; May +50 2412

Corn, soybeans and soybean meal closed mixed with nearby weakness while wheat continued to soar higher. The May Chicago Wheat contract closed up the new 85-cent daily limit, meaning tomorrow the limit is $1.30/bushel. Corn and soybeans opened higher Sunday evening and held gains until about sunrise, then sold off until around 9:30 am before staging recovery rallies. Corn bounced back much more than soybeans. Chicago Wheat remains the market leader given its tighter supply situation and importance as a food grain. Unless Russia ends the war and goes home, corn and wheat prices should remain supported. USDA updates its global supply-demand tables on Wednesday.

Effective today the CBOT amended the daily price limit to $0.85 per bushel and the expanded price limit to $1.30 per bushel of the Contracts until the next regularly scheduled daily price limit reset in May 2022. 

Cattle futures closed moderately higher, ending a 10-day down trend in prices. Live Cattle prices made lows soon after the opening and trended higher throughout the trading day. The corrective rally was in response to firm boxed beef values and the April LC’s discount to last week’s cash fed market at $140/cwt or better.  Feeder cattle had the added support of weaker corn futures. Choice beef edged up .38 to 254.71 and Select rose 1.81 to 250.22. Beef movement was slow at 102 loads.

Lean hog futures closed lower with bigger losses in the August, October and December contracts. April through July contracts ended well above their daily lows. LH was pressured by follow-through selling to Friday’s limit-down settlements.

FOB Plant Pork rose 2.66 to 106.65, compared to the morning quote of 108.61. Pork movement was strong at 311 loads.  

China’s meat imports plunged during Jan-Feb 2022. China imported 1.1 MMT of meat in January and February, down 33% from the same period in 2021. An increase in domestic production, especially pork, curbed demand for meat imports.


US$ +.8% 99.25

  New high for 2021/22. Last time this high was May 2020.

Dow -797 32817

SP -128 4201

NAS -482 12831

Tran -599 14792

  VIX +4.53  36.51 

 

WTI +464 12032

Brent +609 12420

Gas +5 359

NG -21 481

HO +20 398

Gold +35 2002

Slvr +7 2585

 

2-yr +.066 1.556%

5-yr +.073 1.702%

10yr +.055 1.777%

30yr +.036 2.184%
 

March 15 Marks the Deadline for Several USDA Programs, Crop Insurance
https://www.farmers.gov/working-with-us/program-deadlines?utm_campaign=march152022deadlines&utm_medium=email&utm_source=govdelivery