Market Closes - November 15, 2021 - Kentucky Farm Bureau

Market Closes - November 15, 2021

Posted on Nov 15, 2021

Corn Dec -1 576 (570-79); Mar -1 584; Jly unch 589

Bean Jan +13 1257 (1238-60); Mar +12 1269; Jly +11 1284

  Meal Dec +10 372 (359-76)

  Oil -77 5820

Wheat Dec +9 826 (813-29); Jly +6 824

  KC Dec +3 836; MGE -23 1026

Oats -11 723

Rice +3 1415

 

LC Dec -35 13177; Feb +22 13632; Apr +7 13997

FC Nov -32 15592; Jan +75 15847; Apr +55 16232

LH Dec -7 7580; Feb +62 8117; Apr +47 8570

Milk Dec -8 1754; Jan -7 1810

CBOT futures closed widely mixed with soybean meal leading the way higher. Futures traded fairly wide ranges with lows set in the first hour of day trade before the rally moved prices to the day’s highs. Soybean futures gained about one percent but the drop in soybean oil offset part of the meal gain. Market reports credit the meal rally to ideas of a potential shortage of lysine in the U.S. and the supply could be disrupted from China. The October soybean crush report was very strong. U.S. corn export inspections (shipments) are running over 20% below year-ago levels; USDA has a 9% drop figured in for the 2021/22 season. Winter wheat futures continued their onward and upward rise off the September lows. Chicago wheat made new contract highs. KC didn’t make new highs but did set new contract high closes. Last week’s wheat export inspections were better than expected and traders have some concern for dryness in the Plains.

U.S Crop Progress
Corn harvested is 91% completed vs 84% last week and 86% for the 5-year average.

Soybean acreage harvested is 92% completed vs 87% last week and 93% for the 5-year average.

Winter Wheat Condition:
  46% good/excellent vs 46% year ago
  20% poor/v.poor vs 18% year ago

Live cattle futures closed narrowly mixed and feeder cattle were mostly higher. LC have been moving mostly sideways the past 9 trading days as the December LC holds in line with the cash market. Cash trade has been at a standstill. Last week’s prices were mostly $132/cwt live and $207 dressed. Choice beef slipped 1.10 to 283.20 and Select fell 2.25 to 267.28. Beef movement was a light 112 loads.

Lean hog futures closed slightly higher except for a small loss in the December LH contract. December LH was pressured by the weaker cash hog market and the sliding CME Lean Hog Index – down $1.27 to $76.68. After being up 7.49 in the morning report, FOB Plant Pork was down .78 in the afternoon report. The value of ham went from 109.31 down to 82.20. Loin and picnic values also slid by the afternoon.

 

US$ +.4% 95.52

Dow -13 36087

SP unch 4683

NAS -7 15854

Tran +20 16780

  VIX +.20 16.49

 

WTI +6 7975

Brent -6 8211

Gas +2 233

NG +23 502

HO -1 240

Gold -2 1867

Slvr -24 2510

 

2-yr -.004 0.518%

5-yr +.016 1.255%

10yr +.037 1.621%

30yr +.051 2.006%

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