After the Bell | December 10, 2021

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Corn: March corn futures fell 1 3/4 cents to $5.90, but still rose 6 cents for the week. Futures closed near the highs for the week and maintained an uptrend on the daily bar chart amid ongoing strength in domestic ethanol demand and signs of improving exports. USDA’s Supply and Demand report yesterday generated little price impact, suggesting big world crops are factored into futures prices, for now.

Soybeans: January soybeans rose 3 1/4 cents to $12.67 3/4, the highest closing price since $12.73 on Nov. 23. January soymeal surged $7.10 to $366.80 per ton, up 2.3% for the week. January soyoil fell 116 points to 53.69 cents per pound, the lowest close since June 17. Soybean futures rose for a second straight week after USDA’s Supply and Demand Report yesterday came out close to trade expectations, shifting trade focus back to exports and South America weather. Continued export business from China and further upside leadership from soymeal could pull soybeans higher next week.

Wheat: March SRW wheat futures rose 8 1/2 cents to $7.85 1/4, down 17 1/2 cents for the week and the second straight weekly decline. March HRW wheat rose 9 cents to $8.05 1/2, down 19 3/4 cents for the week. March spring wheat futures fell 1/2 cent to $10.21 3/4. Winter wheat futures rose in a corrective bounce after larger than expected USDA supply figures sent prices to six-week lows yesterday.

Cotton: March cotton futures fell 36 points to 106.23 cents per pound, up 1.9% for the week. Yesterday’s USDA export sales report indicated foreign customers still have a strong appetite for U.S. cotton, even at high prices. USDA’s Crop Production and Supply and Demand reports yesterday were largely price-neutral.

Cattle: February live cattle futures rose 27.5 cents to $138.075, down 87.5 cents for the week. January feeder cattle rose 80 cents to $164.875, up 75 cents for the week. Live cattle futures fell for a second consecutive week as cash market strength waned. Cash prices were heading for a drop of $1 to $2 from last week’s average of $140.44. Meatpackers had bid aggressively since early November but pulled back this week as slumping beef prices led to shrinking margins. Choice cutout values averaged $264.54 today, down from last week's average of $275.14.

Hogs: February lean hogs rose $3.20 to $81.025, up 47.5 cents for the week, on signs of stabilization in cash fundamentals. Today’s CME lean hog index rose 12 cents to $70.95, its fifth gain in the last seven days. Pork cutout values fell 77 cents today to an average of $86.19, up from $81.37 at the end of last week. Meatpackers slaughtered an estimated 2.601 million head of hogs this week, down 56,000 from last week and down 154,000, or 5.6%, from the same week in 2020.

 

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