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AgUpdate - Marketwatch
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CME Group Futures settlements (preliminary) 1/22
  Settle Change High Low
Mar corn 5.00 1/2 -23 3/4 5.22 3/4 4.99 1/4
May corn 5.03 -23 1/4 5.24 3/4 5.01 1/4

Dec corn

4.30 1/4 -18 1/2 4.47 3/4 4.28 1/4
Mar beans 13.11 3/4 -58 1/2 13.67 13.05 1/4
May beans 13.11 3/4 -57 13.65 3/4 13.05
Sep beans 11.61 -57 1/4 12.10 1/4 11.52 1/4
Mar soy meal 421.6 -16.6 437.6 420.0
May soy meal 417.9 -17.4 434.8 416.3
Jul soy meal 414.0 -17.9 431.2 412.4
Mar wheat 6.34 1/2 -26 1/4 6.59 6.33
May wheat 6.36 -26 1/4 6.60 1/4 6.34 1/4
Jul wheat 6.24 -23 3/4 6.45 1/2 6.22
Ethanol Futures settlements (preliminary)
  Settle Change High Low
Feb 1.600 UNCH
Mar 1.575 UNCH
Apr 1.633 UNCH
         

Grains take big hit Friday

Today was a “big down day,” Oliver Sloup of Blue Line Futures said, and headlines likely won’t give answers why. Sloup said the drop was due to technical weakness and money flow. “This can often of a big impact on prices and why we saw some fireworks in today’s trade.”

There are concerns the new COVID-19 strain will spread quickly which saw traders sell off many commodities today in a brutal day for the grains. Ami L. Heesch of CHS Hedging said.

Economic weakness in Japan and Europe also hit Wall Street trading too, Heesch said, as there are worries the relief package proposed by the Biden administration is going to see resistance from congress republicans.

Corn

The corn market was vulnerable to liquidation today as there is “healthy estimated fund length” in the market, CHS Hedging said. There is also moisture anticipated in South America in the upcoming weeks.

Weekly ethanol selling “should increase end user buying,” ADM Investor Services said. “Stocks were down slightly from last week and down almost 2 pct from last year. Margins remain negative.”

Soybeans

As the prices shot down today in soybean markets, it “should stop any new farmer selling and increase end user buying,” ADM Investor Services said.

Big crop ideas in Brazil helped knock down the soybean market, as the energy and equity markets added pressure, CHS Hedging said. “Scattered analysts estimates for Brazil ‘s soybean crop are coming in above 130.0 mmt,” they said.

Wheat

The wheat market saw “serious weakness” today, CHS Hedging said, noting that the row crops were largely to blame for the hits.

Paris milling futures were down for the third straight day, Total Farm Marketing said, which also weighed on the U.S. prices. This move does make U.S. prices more competitive they said.


Check your area cash bids for grains

Enter a zip code in the Grain Bid Lookup box to see cash bids at specific locations in your area.


Grain futures prices


Lean Hogs CME — Close 1/22
  Settle Change High Low
Feb 69.925 +1.825 70.125 68.125
Apr 76.150 +2.250 76.250 73.850
May 80.525 +2.050 80.525 79.175
Live Cattle CME
  Settle Change High Low
Feb 116.725 +2.625 116.775 114.175
Apr 122.525 +2.575 122.600 119.825
Jun 118.800 +1.675 118.950 116.950
Feeder Cattle CME
  Settle Change High Low
Jan 137.250 +1.375 138.800 135.875
Mar 144.150 +5.000 144.150 139.300
Apr 146.125 +4.250 146.325 142.075

Livestock shoots up ahead of report

The livestock markets roared today, Oliver Sloup of Blue Line Futures said. Today marked a breakout move for the cattle market ahead of the Cattle on Feed report, released after the trade today.

The Cattle on Feed report showed cattle and calves on feed slightly above last year’s mark at 12.0 mln head. Placements totaled 1.84 mln head, 1% above 2020’s mark and the second highest ever reported since 1996. Marketings were placed at 1.85 mln head, also 1% above 2020.

The report is “slightly bearish,” Sloup said.

Livestock shoots up ahead of report

The livestock markets roared today, Oliver Sloup of Blue Line Futures said. Today marked a breakout move for the cattle market ahead of the Cattle on Feed report, released after the trade today.

The Cattle on Feed report showed cattle and calves on feed slightly above last year’s mark at 12.0 mln head. Placements totaled 1.84 mln head, 1% above 2020’s mark and the second highest ever reported since 1996. Marketings were placed at 1.85 mln head, also 1% above 2020.

The report is “slightly bearish,” Sloup said.

Lean hogs

In weighted average negotiated prices for barrows and gilts, USDA reported;

  • National carcass base up 56 cents to $55.46/cwt.
  • National live was not reported due to confidentiality
  • Iowa-Minnesota carcass base was reported at $54.37

USDA reported carcass cutout values this afternoon rose $2.37 to $82.83/cwt.

Pork values and demand are firming, Total Farm Marketing said, which is a bullish technical move.

“Ideas that short-term demand continues to come in better than expected and that consumer demand might be showing some consumer hording,” The Hightower Report said. “The market saw better pork exports and this helped to support as well.”

Cattle

Boxed beef cutout values this afternoon were higher on Choice and Select, USDA said.

  • Choice rose $1.62 to $222.82/cwt.
  • Select went up $3.06 to $213.34.

In negotiated cash sales in Nebraska, the USDA reported 326 head sold dressed at $171-173, with 876 sold live at $110. In Iowa/Minnesota, 1,107 head were sold live at $107-111, and 115 head were sold dressed at $166-174.

The cattle market, particularly the April contract, is at its highest point since last February, The Hightower Report said. “Positioning ahead of the cattle on feed report may have sparked some buying.” There is optimism for cash cattle to see gains next week.

The trade is “leery” of higher grain prices affecting the heavy weight cattle, Total Farm Marketing said.

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These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Commodity trading involves risks, and you should fully understand those risks before trading.


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