Market Closes - November 29, 2021

Posted on Nov 29, 2021

Corn Dec -6 581 (576-88); Mar -9 582; Jly -9 586

Bean Jan -11 1241 (1241-68); Mar -11 1252; Jly -11 1268

  Meal Dec -8 348 (347-63); Jly -4 347

  Oil -76 5826

Wheat Dec -18 807 (805-40); Jly -16 817

  KC Dec -11 854; MGE +3 1042

Oats -8 747

Rice unch 1429

 

LC Dec -117 13692; Feb -190 13930; Apr -132 14252

FC Jan -142 16572; Mar -142 16655; May -120 16985

LH Dec -80 7240; Feb -10 8092; Apr +50 8590

Milk Dec -18 1814; Jan -26 1838

CBOT futures closed mostly lower with soy contracts and wheat near the day’s lows. Futures performed well Sunday evening and overnight but collapsed after the day session opened at 8:30 a.m. CT. Corn was pressured by disappointing weekly export inspections which continues the slow corn export pace in 2021/22. Wheat futures were hit by a surprise 17% increase in the Australian wheat production forecast to a new record large crop. The U.S. hard winter wheat crop is suffering from dry soils in the Plains with no improvement in the forecast. Although weekly soybean export inspections were at the high end of expectations, soybean futures fell hard from spillover weakness from corn and wheat as well as generally good conditions in South America. However, the developing La Nina could lead to some crop stress there.

U.S Crop Progress
Winter Wheat Condition:
  44% good/excellent vs 46% year ago
  23% poor/v.poor vs 18% year ago

 

Cattle futures closed lower after testing the positive side early – setting new highs for the Oct/Nov rally. After the early strength faded, profit-taking evidently kicked in and drove prices down into the closing bell. Today’s chart action is negative but maybe the cash market can overcome it. Cash trading was inactive today. Last week’s cash market topped at $140/cwt live and $217/cwt dressed. The 5-market average was $138.13 and 215.93. Choice beef dropped 2.43 to 277.58 and Select slipped .26 to 262.02. Beef movement was a weak 82 loads; only 50 loads moved Friday.

December and February Lean Hog futures closed lower while the other contracts ended higher. Nearby LH was pressured by the losses in cattle futures and by profit-taking as the December LH is at a premium to the CME LH Index. FOB Plant Pork closed up 3.73 at 87.71, short of the morning quote of 91.48. All primal cuts were higher in value, lead by an 11% jump in ham’s value. Last week’s average prices were $58.43/cwt live and $73.18/cwt National Base Carcass Price.
 

US$ +.1% 96.20

Dow +237 35136

SP +61 4655

NAS +291 15783

Tran +146 16362

  VIX -5.66 22.96

 

WTI +180 6995

Brent +72 7344

Gas +5 208

NG -62 485

HO +6 215

Gold -3 1782

Slvr -31 2280

 

2-yr -.008 0.512%

5-yr -.005 1.176%

10yr +.027 1.512%

30yr +.030 1.860%

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