Market Closes - May 5, 2022 - Kentucky Farm Bureau

Market Closes - May 5, 2022

Posted on May 5, 2022

Corn Jly +3 797 (791-802); Dec +2 738 (731-41)

Bean Jly +6 1647 (1640-67); Nov +5 1492 (1484-1507)

  Meal Jly +2 420 (418-26); Dec +2 399

  Oil  Jly -58 8185; Dec -43 7462

Wheat Jly +30 1106 (1077-1122) 45-cent range

      Dec +26 1108

   KC Jly +54 1177; MGE +32 1210

Oats -19 659

Rice -2 1708

 

LC Jun -105 13377; Aug -105 13602; Oct -110 14340

FC May -192 16032; Aug -182 17437; Oct -92 17945

LH May +20 10280; Jly +237 10942; Oct +152 9392

Milk May +22 2494; Jun +20 2450; Jly +12 2424

CBOT futures closed mixed with the major commodity contracts posting gains. Wheat closed sharply higher for a second day in a row as traders are concerned that a reduction in India’s crop and exports will tighten the world S&D given the Ukraine/Russia war. The July MGEX wheat contract traded a new life-of-contract high. Corn was supported by the wheat rally and corn’s slow planting progress. However, a warm, dry window in the Corn Belt is coming next week and progress will likely catch up or exceed normal soon. Soybean futures managed higher closes but ended far below the day’s highs made overnight and/or in the first hour of the day trade. Strong energy futures turned lower this morning and weighed on the CBOT. OPEC+ agreed to increase crude oil production by 432,000 barrels/day in June.

Cattle futures closed moderately lower on fed cattle price concerns sliding boxed beef values. Choice beef fell a whopping 4.56 to 255.18 and Select lost 1.87 to 245.81. Beef movement was pretty good at 159 loads. A negotiated cash steer market was not established today. Net beef export sales of 14,600 MT for 2022 were up 28 percent from the previous week and 1 percent from the prior 4-week average.

Lean hog futures closed moderately higher beyond the soon-to-expire May LH contract. Prices rose on a second day of short-covering after LH had gotten oversold. FOB Plant Pork rose 2.44 to 106.27 with belly value up 12 at 166 and ham value up 3 at 90.  Pork movement was good at 265 loads. Net pork export sales of 23,800 MT for 2022 were down 24 percent from the previous week and 13 percent from the prior 4-week average.

US$ +1.0%  103.55

Dow -1063 32998

SP -153 4147

NAS -647 12318

Tran -449 15084

  VIX +6.0 31.42

 

WTI +63 10685

Brent +88 11101

Gas +2 367

NG +42 884

HO -13 406

Gold +9 1878

Slvr +11 2251

 

2-yr +.098 2.714%

5-yr +.119 3.013%

10yr +.127 3.042%

30yr +.118 3.121%

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