Market Closes - November 2, 2021 - Kentucky Farm Bureau

Market Closes - November 2, 2021

Posted on Nov 2, 2021

Corn Dec -6 573 (572-86); Mar -6 581; Jly -3 585

Bean Jan +8 1256 (1243-61); Mar +9 1267; Jly +9 1282

  Meal Dec +8 337 (329-37)

  Oil +2 6199

Wheat Dec -6 791 (790-807); Jly -3 793

  KC Dec -8 798; MGE unch 1075

Oats +9 760

Rice -19 1328

 

LC Dec +110 12995; Feb +132 13522; Apr +145 13817

FC Nov +317 15757; Jan +430 15702; Apr +347 16150

LH Dec -190 7425; Feb -165 7715; Apr -105 8132

Milk Nov -35 1833; Dec -33 1829

CBOT futures closed mixed, with major contracts going in the opposite direction from yesterday’s market. Corn and wheat futures rallied overnight but traded down during the day session on technical selling and profit taking. Wheat futures hit new contract highs early but finished at/near the lows of the day. In contrast, the soybean and meal markets closed strongly with meal closing at the day’s highs. Gains in soybean futures was limited by the huge crop size. A private firm raised its U.S. yield estimate by 0.6 bu/acre to 51.9 bu/acre; this compares to USDA’s 51.5 bu/acre.

Live cattle futures closed higher following the lead of sharp gains in feeder cattle futures. LC were supported by stronger boxed beef values in the morning and optimism regarding the cash fed market later this week. FC more than recovered Monday’s big losses, aided by the drop in corn futures. Choice beef slipped .20 to 287.38 and Select gained 1.74 to 266.13. The Choice-Select spread remains a high 21.25/cwt. Beef movement was light at 114 loads but still better than Monday’s 82 loads. Negotiated cash trade remains not established.

Lean hog futures closed lower with large losses in the Dec, Feb, Apr LH contracts. LH ended near the day’s lows, pressured by weak cash fundamentals. The pork cutout bounced back some from Monday’s sharp drop. FOB Plant Pork closed up 1.77 at 94.21 on very heavy movement of 412 loads. Ham value partially recovered from Monday’s collapse, ending up 7.16 to 66.19.

US$ +.2% 94.11

Dow +139 36053

SP +17 4631

NAS +54 15650

Tran +1096 17039

  VIX -.38 16.03

 

WTI -84 8161

Brent -69 8402

Gas +1 243

NG +36 555

HO -2 249

Eth unch 221

Gold -7 1789

Slvr -50 2357

 

2-yr -.067 0.448%

5-yr -.053 1.143%

10yr -.026 1.547%

30yr -.010 1.958%

“Across Kentucky” podcast  - Click Here

KENTUCKY CASH GRAIN PRICES Click Here

KENTUCKY LIVESTOCK AUCTIONS --  Click Here