Market Closes - November 10, 2021 - Kentucky Farm Bureau

Market Closes - November 10, 2021

Posted on Nov 10, 2021

Corn Dec +14 569 (555-72); Mar +14 579; Jly +13 585

Bean Jan +5 1217 (1208-22); Mar +5 1229; Jly +5 1247

  Meal Dec unch 342 (340-44)

  Oil +67 5914

Wheat Dec +24 803 (778-804); Jly +21 805

  KC Dec +24 817; MGE +22 1046

Oats +24 740

Rice +9 1389

 

LC Dec -20 13200; Feb +12 13682; Apr +7 14032

FC Nov -125 15665; Jan -175 15805; Apr -150 16217

LH Dec +75 7570; Feb +57 7932; Apr +60 8415

Milk Dec -8 1803; Jan -10 1835

CBOT futures closed near steady in soybean meal to sharply higher in the case of corn and wheat. Outside markets made huge moves today after the U.S government announced higher than expected inflation in October – up 6.2% year/year. Treasury bond rates jumped helping to drive the U.S. Dollar up 1% and equity markets markedly lower. Despite the strong dollar and a sharp drop in energy futures, corn and wheat futures powered higher with KC and Chicago wheat making new contract highs. Some analysts attribute the grain rally to investors moving money into commodities to hedge the inflation risk. For wheat, there was news that Russia will increase its wheat export tax and a quota may come in 2022. Soybean futures traded narrow ranges.

Live cattle traded steady while feeder futures closed lower due to rising corn futures. The December LC contract couldn’t rally despite the cash fed market finally showing its hand; boxed beef weakness limited the gains. Cash fed trading picked up today with USDA reporting $131-132/cwt, up $2-3/cwt in the Southern Plains. Nebraska was up $2 to $132/cwt live and up $3-5 to $207. Choice beef dropped 2.28 to 285.52 and Select fell 4.00 to 266.62, but beef movement was heavy again today with 195 loads moved.

Lean hog futures closed modestly higher after testing lower levels at the opening bell. The rally was technical in nature as chart support held. The fundamentals remain weaker as pork values softened. FOB Plant Pork closed down 1.98 at 90.57 with loins down 10.51 to 77.29 and hams up 6.09 at 71.62. Pork movement was a moderate 347 loads.

 

US$ +1.0% 94.89

Dow -240 36080

SP -39 4647

NAS -264 15623

Tran -67 16588

  VIX +.95 18.73

 

WTI -261 7995

Brent -225 8253

Gas -8 229

NG -6 492

HO -6 244

Eth unch 221

Gold +20 1851

Slvr +38 2470

 

2-yr +.106 0.515%

5-yr +.150 1.218%

10yr +.104 1.553%

30yr +.084 1.905%

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