After the Bell | December 16, 2021

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Corn: March corn futures rose 5 1/2 cents to $5.91 1/4, the contract’s highest settlement in a week. Corn futures climbed on strong USDA weekly export sales and spillover from strong gains in wheat and soybeans. Early today, USDA reported net U.S. corn sales of 1.949 MMT for the week ended Dec. 9, a marketing-year high. Sales were up 72% from the previous week, up 74% from the average for the previous four weeks and at the high end of expectations ranging from 1.2 MMT to 2.0 MMT.

Soybeans: January soybeans rose 14 3/4 cents to $12.77 1/4 a bushel today, the highest closing price since $12.93 1/2 on Sept. 29. January soybean meal rose 10 cents $372.30 per ton. January soybean oil rose 118 points to 54.65 cents per pound. Soybeans settled at a 2 1/2-month high after USDA’s weekly export sales surpassed expectations. Net weekly U.S. soybean sales totaled 1.309 MMT, led by China at 985,800 MT. Expectations ranged from 1.1 MMT to 1.775 MMT

Wheat: March SRW futures rose 14 1/2 cents to $7.70 1/2, up from yesterday’s eight-week low. March HRW futures rose 18 1/4 cents to $8.03 3/4. March spring wheat rose 17 1/2 cents to $10.26 3/4. Wheat bounced back behind strength in outside markets such as crude oil and stronger-than-expected weekly export sales. USDA reported net U.S. wheat sales of 650,600 MT, a marketing-year high.

Cotton: March cotton rose 389 points to 109.68 cents per pound, the highest closing price since 111.41 cents on Nov. 29. USDA reported net weekly U.S. cotton sales totaling 286,400 running bales (RB), down 25% from the previous week but up 5.0% from the average for the previous four weeks. China was a prominent buyer, at 101,700 RB, along with Pakistan, at 52,200 RB and Bangladesh, at 35,900 RB.

Cattle: February live cattle rose 47.5 cents to $137.05, after earlier dropping to $135.80, the contract’s lowest intraday price since Nov. 15. Futures rebounded as wholesale beef prices firmed, suggesting prices may have dropped far enough to stir increased retail buying interest. Choice cutout values today rose $2.71 to $262.97 on movement of 140 loads. Live cattle futures are still on track to close lower for the third consecutive week amid signs the cash market peaked earlier this month.

Hogs: February lean hogs gained $1.025 to $80.35. The CME lean hog index continues inching higher, with tomorrow’s preliminary figure rising another 11 cents to $72.41, the highest since Nov. 24. Wholesale pork extended recent strength, with cutout values up $3.66 today to $91.49, the highest daily average since Nov. 15. Gains were led by hams, which jumped over $10. Movement totaled about 327 loads.

 

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Pro Farmer's Daily Advice Monitor
Pro Farmer's Daily Advice Monitor

Pro Farmer editors provide daily updates on advice, including if now is a good time to catch up on cash sales.