Market Closes - November 17, 2021 - Kentucky Farm Bureau

Market Closes - November 17, 2021

Posted on Nov 17, 2021

Corn Dec +4 575 (570-84); Mar +4 581; Jly +4 587

Bean Jan +26 1277 (1251-89); Mar +25 1288; Jly +23 1302

  Meal Dec +7 375 (367-82)

  Oil +6 5923

Wheat Dec +12 822 (810-35); Jly +10 823

  KC Dec +13 834; MGE +12 1027

Oats +9 739

Rice +18 1437

 

LC Dec +50 13222; Feb +30 113640; Apr +47 14027

FC Nov +42 15607; Jan -35 15892; Apr +30 16372

LH Dec -155 7617; Feb -22 8315; Apr +15 8752

Milk Nov -9 1788; Dec -5 1716; Jan -24 1774

CBOT futures closed higher across the board but well off the day’s highs which were made mostly in the 9:00 am CT hour. Soybeans and wheat lead the market higher, supported in part by future La Nina-related weather concerns (dryness). Confirmation of Chinese soybean purchases and India’s soybean oil purchase attracted buyers to the market.  Wheat bounced back from Tuesday’s profit-taking losses. January soybeans reached levels not seen since September 30. December soybean meal hasn’t been this high since July 2. The CBOT rally has mostly ignored the recent strength in the US Dollar which hit a new 4-month high. The US$ Index has recovered half of its March 2020-January 2021 decline. See Chart here. Energy futures fell sharply today.

Live and feeder cattle futures closed only fractionally higher in fairly narrow trading ranges. Futures held up well despite falling boxed beef values and rising corn prices. USDA indicated no trend established in the cash fed market but the few trades reported are steady to last week’s $132 and $207. Traders may be optimistic the cash market will move higher by Friday as packers have margin to share. Choice beef fell 3.66 to 278.47 and Select fell 2.53 to 264.06. Beef movement was strong at 188 loads, the best since November 10.

Lean hog futures closed lower in the December and February contracts and higher in the deferred months. The weak cash hog and pork markets weighed the December LH after its big jump yesterday. FOB Plant Pork ended down 3.25 to 84.52 with hams down 6.10 to 66.30 and bellies down 9.73 to 121.12. Pork movement was similar to Tuesday’s at a strong 384 loads.
 

Broiler-Type Chicks Placed in the U.S. Up 4 Percent
    Broiler growers in the United States weekly program placed 182 million chicks for meat production during the week ending November 13, 2021, up 4 percent from a year ago.

US$ -.1% 95.79

Dow -211 35931

SP -12 4689

NAS -52 15922

Tran -241 16550

  VIX +.78 17.15

 

WTI -228 7746

Brent -222 8021

Gas -6 229

NG -29 489

HO -6 237

Gold +15 1870

Slvr +21 2515

 

2-yr -.018 0.502%

5-yr -.034 1.233%

10yr -.042 1.592%

30yr -.038 1.980%

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