Market Snapshot | February 9, 2022

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Corn futures are 4 to 9 cents higher in old-crop contracts at midmorning.

Soy complex futures are broadly higher, with soybeans up 12 to 16 cents after reaching fresh contract highs; soymeal futures are up around $2 after setting contract highs; soyoil is up around 90 points.

Wheat futures are mostly 7 to 11 cents higher

  • March SRW wheat climbed as high as $7.88 1/4, the highest intraday price since Jan. 31.

Live cattle futures are higher at midmorning after reaching fresh contract highs.

  • Cattle futures rose on technical strength and a general bullish commodity market backdrop, along with signs of improved beef demand.
  • Choice cutout values fell $1.50 yesterday to $277.46, the lowest daily average since Jan. 10, but movement was strong at 180 loads.
  • Traders are watching still-developing cash trade. Nearby February live cattle futures are about $2.00 over last week’s five-area live steer average of $139.76, suggesting a firmer tone is expected the next few weeks.
  • USDA price and export updates in today’s Supply and Demand Report will be of interest. In its January report, USDA increased projected 2022 U.S. beef production 0.6% and raised its forecast for average live steer prices for the sixth consecutive month.
  • April live cattle reached a contract high at $142.925. March feeder cattle hit the highest price since Jan. 3.

Lean hog futures are firmly higher with the exception of the nearby February contract.

 

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