Market Closes - November 16, 2021 - Kentucky Farm Bureau

Market Closes - November 16, 2021

Posted on Nov 16, 2021

Corn Dec -5 571 (570-77); Mar -6 577; Jly -6 583

Bean Jan -6 1251 (1248-61); Mar -5 1263; Jly -5 1279

  Meal Dec -4 367 (367-75)

  Oil +97 5917

Wheat Dec -16 810 (810-27); Jly -11 813

  KC Dec -15 821; MGE -13 1013

Oats +7 730

Rice +3 1418

 

LC Dec -5 13172; Feb -22 13610; Apr -17 13980

FC Nov -27 15565; Jan +80 15927; Apr +110 16342

LH Dec +192 7772; Feb +220 8337; Apr +167 8737

Milk Dec -30 1719; Jan -15 1797

CBOT futures closed mostly lower on broad-based selling lead by the wheat market. Soybean oil moved strongly higher as traders reversed meal/oil spreads. There was little news driving the market; traders appeared to take some profits after recent price strength. Most contracts were higher on Monday evening but the direction was mostly downward during the day session although corn and soybeans made a mid-morning bounce that didn’t last.

Live cattle closed narrowly mixed while feeder futures closed higher except for the nearby November FC. Trading ranges were pretty narrow especially in LC which has been moving sideways the past two weeks. The fed market hasn’t given any sign of price direction. Feedlots are asking $134/cwt compared to last week’s $132 trades. With Thanksgiving a week away, packers may be more patient after bidding up the past two weeks. Boxed beef values are slipping. Choice beef fell 1.07 to 282.13 and Select slipped .69 to 266.59. Beef movement was decent at 162 loads.

Lean hog futures closed strongly higher with no obvious fundamental reason for it. Market reports indicate traders are bullish on the 2022 hog market and that may be supporting prices. FOB Plant Pork ended down 6.16 at 87.77 compared to 92.46 in the morning report. Every primal cut lost value. Ham value fell 12%; belly value lost over 8%; and butt value slid 7%. Pork movement was a strong 387 loads.

US$ +.4% 82.43

Dow +55 36142

SP +18 4701

NAS +120 15974

Tran +12 16791

  VIX -.09 16.40

 

WTI -1 7974

Brent +38 8243

Gas +2 235

NG +16 518

HO +3 243

Eth unch 221

Gold -12 1854

Slvr -16 2494

 

2-yr -.002 0.522%

5-yr +.013 1.270%

10yr +.019 1.640%

30yr +.026 2.033%

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