Market Closes - March 8, 2022
Posted on Mar 8, 2022Corn May +2 753 (729-61); Jly -1 726; Dec +1 644 (633-55)
Bean May +30 1690 (1650-1706); Jly +22 1656; Nov +20 1473 (1447-79)
Meal May +15 473 (455-76); Dec +3 417 (410-20)
Oil May +153 7575; Dec +78 6453
Wheat May -7 1286 (1164-1363); Jly -57 1195 (1122-1278)
KC May -52 1199; MGE -53 1144
Oats +1 643
Rice -24 1600
LC Apr +115 13905; Jun +152 13545; Aug +117 13647
FC Mar -57 15402; May +140 16630; Aug +130 17940
LH Apr +265 10292; Jun +367 11467; Aug +392 11255
Milk Mar +12 2273; Apr +57 2454; May +47 2457
CBOT futures closed widely mixed with soybeans higher and most wheat contracts much lower. Wheat trade was highly volatile with highs made during the opening Monday evening and lows made late morning, followed by a late bounce. Many wheat contracts made new contract highs today. Nice gains in old-crop soybeans and meal supported other markets. Soybeans were supported by rising energy futures, more Chinese purchases and expectations tomorrow’s USDA WASDE report will decrease corn and soybean production estimates for South America. It’s a wildcard as to what USDA will do with export estimates for Russia and Ukraine.
Cattle futures closed higher except for nearby March Feeder Cattle. Today’s rally may have been follow-through profit-taking by the shorts as cash fundamentals were not supportive. Light negotiated cash trade was reported around $138/cwt, down $2.00 from last week. Choice beef dropped 2.27 to 252.44 and Select fell 5.28 to 244.94. Beef movement was very strong at 194 loads.
Lean hog futures closed strongly higher on support from higher cash hog prices and pork cutout values. FOB Plant Pork ended down 1.25 at 105.40 compared to 111.24 in the morning report. Ham value went from up 6 to down 7, ending at 80. Pork movement continued strong at 298 loads.
US$ -.2% 99.08
Dow -185 32633
SP -30 4170
NAS -35 12796
Tran -56 14737
VIX -1.0 35.45
WTI +521 12461
Brent +571 12892
Gas +13 370
NG -26 458
HO +58 450
Gold +64 2060
Slvr +118 2690
2-yr +.053 1.601%
5-yr +.085 1.776%
10yr +.091 1.840%
30yr +.068 2.219%
March 15 Marks the Deadline for Several USDA Programs, Crop Insurance
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