Market Closes - November 23, 2021

Posted on Nov 23, 2021

Corn Dec +4 580 (572-81); Mar +4 588; Jly +4 593

Bean Jan -1 1273 (1263-79); Mar -2 1284; Jly -2 1299

  Meal Dec -8 362 (362-71)

  Oil +73 6014

Wheat Dec +10 856 (838-56); Jly +9 858

  KC Dec +17 879; MGE +15 1038

Oats -4 747

Rice -13 1441

 

LC Dec +97 13540; Feb +45 13942; Apr +52 14280

FC Jan +267 16437; Mar +157 16567; May +117 16960

LH Dec -50 7415; Feb +25 8327; Apr +20 8795

Milk Dec -8 1834; Jan -22 1877

CBOT futures closed mixed with wheat again leading the way to the upside while soybean meal sold off more than 2%. KC/Chicago wheat futures extended Monday’s sharp gains and closed at the day’s highs (new contract highs). Unfavorable weather in the U.S. and Australia add to world wheat supply concerns. Yesterday’s USDA U.S. wheat condition ratings came in lower than the trade expected. Soybean futures were caught between a big drop in soybean meal and a nice jump in soybean oil futures. Soybean oil was supported by a big rise in energy futures (which occurred despite President Biden announcing crude oil will be released from the Strategic Petroleum Reserve). Corn was supported by rising energy futures as well as the strong ethanol industry where margins are great.

Cattle futures closed higher with live cattle extending the 3-day rally started November 18; April and beyond LC contracts set new contract highs. Cattle were supported by the rising cash fed market and by technical factors. Cash fed trade was reported slow with a few head selling around $136/cwt in the southern Plains; this is $3/cwt higher than last week. Choice beef lost .61 to 278.64 and Select fell 1.06 to 262.67. Beef movement was a heavy 193 loads, similar to last Tues/Wed.

Lean hog futures closed very narrowly mixed. LH continue to be weighed down by a weak cash hog market and declining pork cutout. FOB Plant Pork slid 1.33 to 84.92. While ham and belly values rose around 5%, the loin value fell 9% and the picnic dropped nearly 15%. Pork movement came down some to 325 loads. The market needs to get through the Thanksgiving holiday to sort out short-term supply and demand.

US$ unch 96.48

Dow +195 35814

SP +8 4691

NAS -80 15775

Tran +135 16875

  VIX +.21 19.38

 

WTI +178 7853

Brent +260 8230

Gas +7 233

NG +21 500

HO +6 239

Gold -17 1790

Slvr -63 2367

 

2-yr -.012 0.618%

5-yr +.017 1.341%

10yr +.044 1.669%

30yr +.048 2.026%

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