Market Closes - November 22, 2021 - Kentucky Farm Bureau

Market Closes - November 22, 2021

Posted on Nov 22, 2021

Corn Dec +6 577 (570-79); Mar +7 584; Jly +7 589

Bean Jan +11 1274 (1260-79); Mar +11 1286; Jly +10 1301

  Meal Dec -2 370

  Oil +125 5941

Wheat Dec +23 846 (826-48); Jly +20 849 (831-50)

  KC Dec +27 862; MGE +13 1023

Oats -13 751

Rice -2 1454

 

LC Dec +90 13442; Feb +127 13897; Apr +97 14227

FC Jan +77 16170; Mar +72 16410; May +80 16842

LH Dec +90 7465; Feb +55 8302; Apr +40 8775

Milk Dec -23 1834; Jan -8 1890

Most of the CBOT grain and oilseed contracts closed higher, lead by the KC and Chicago wheat markets. Wheat remains supported by supply concerns in the year ahead as it’s too dry in the U.S. Plains and too wet in Australia – damaging the ripening crop. Paris wheat futures made new contract highs as did the KC/Chicago markets. Russia is raising its export tariff to keep more wheat at home to limit food inflation. Corn and soybeans followed wheat higher. Last week’s export inspections reported this morning were disappointing. Corn exports for 2021/22 are running over 18% behind year-ago. However, ethanol remains a positive factor for corn demand. China’s soybean imports are running behind year-ago for both the U.S. and Brazil.

U.S Crop Progress
Corn harvested is 95% completed vs 91% last week and 92% for the 5-year average.

Soybean acreage harvested is 95% completed vs 92% last week and 96% for the 5-year average.

Winter Wheat Condition:
  44% good/excellent vs 43% year ago
  22% poor/v.poor vs 21% year ago

Cattle futures closed higher in follow-through buying off last week’s cash strength and bullish momentum. Friday’s neutral Cattle on Feed report didn’t get in the way of a rally. Cash trade was inactive today. Last week’s prices ranged $132-135/cwt live and mostly $210/cwt dressed. The 5-market average last week was $133.01/cwt. Choice beef edged up .84 to 279.25 and Select slipped .10 to 263.73. Beef movement was a light 124 loads.

Lean hog futures closed higher on morning strength in the pork market offsetting cash hog weakness. The pork market gave up nearly $5.00 by the afternoon. The shortened Thanksgiving work week won’t help the hog market. FOB Plant Pork dropped 3.57 to 86.25 versus a gain of 1.32 in the morning report. Ham value fell 10.02 to 72.65 and the butt and belly lost 5% in value. Pork movement was in line with most of last week with a heavy 385 loads.

 

US$ +.5% 96.51

    US$ made a new high – a level not seen since July 2020.

Dow +17 35619

SP -15 4683

NAS -203 15855

Tran +222 16739

 

WTI +55 7649

Brent +61 7950

Gas +4 225

NG -28 479

HO +3 232

Eth unch 221

Gold -47 1805

Slvr -58 2420

Treasury rates moved strongly higher after President Biden announced he would reappoint Powell as the Fed Chair. This suggests the Fed will move forward with its “taper” program and eventually raise rates in 2022.

2-yr +.083 0.588%

5-yr +.117 1.320%

10yr +.091 1.627%

30yr +.058 1.964%

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