After the Bell | December 22, 2021

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Corn: March corn rose 4 1/4 cents to $6.02 1/2, the contract’s highest closing price since mid-June. Corn futures benefitted from broad risk-on trade in markets today. Support also stemmed from dry weather in South America. Forecasts indicate limited rainfall will be seen across dry areas of southern Brazil and northern and eastern Argentina over the next two weeks. USDA’s weekly export sales report tomorrow is expected to show net U.S. corn sales of 725,000 MT to 1.4 MMT for the week ended Dec. 16.

Soybeans: March soybeans rose 22 1/4 cents to $13.35, the contract’s highest settlement since $13.39 1/2 on Aug. 25. March soymeal rose $7.80 to $398.30 per ton, the highest close since May 12. March soyoil gained 90 points to 54.84 cents per pound. Soybeans rallied for a seventh straight session on expectations dryness will cut yields in Argentina and Brazil. Tomorrow’s weekly USDA export sales report is expected to show U.S. soybean sales from 700,000 MT to 1.7 MMT.

Wheat: March SRW wheat rose 15 cents to $8.14, the highest closing price since $8.15 on Dec. 2. March HRW wheat rose 12 1/4 cents to $8.53 3/4, the highest close since Nov. 29. March spring wheat rose 2 1/4 cents to $135.75. Wheat futures climbed to three-week highs behind strength in corn and soybean markets and ongoing concern over tight global supplies of milling-quality wheat. Tomorrow’s weekly USDA export sales report is expected to show U.S. wheat sales of 200,000 to 550,000 MT.

Cotton: March cotton futures rose 156 points to 108.83 cents per pound, up from 107.30 cents at the end of last week. Cotton futures rose for a second straight day as the U.S. dollar weakened and other commodity markets, including crude oil, corn and soybeans, rallied. The U.S. dollar index fell about 0.4%, and while the index is up from year-ago levels, it’s down from 16-month highs reached in November. Expectations for stronger export demand also supported cotton.

Cattle: February live cattle rose 45 cents to $137.375, the highest closing price since Dec. 14. Cash cattle were down about $2.00 earlier this week, but some market sources said prices appeared to be firming, possibly indicating packers aiming to line up post-holiday supplies. Choice cutout values rose 47 cents today to an average of $261.86 on movement of 138 loads. USDA’s monthly Cattle on Feed Report tomorrow is expected to show feedlot placements rose 3.2% in November compared with the same month in 2020. Compared to pre-Covid November 2019, last month’s projected placements would be down 6.2%.

Hogs: February lean hog futures rose 92.5 cents to $83.35, the highest closing price since $84.25 on Nov. 24. Hog futures extended yesterday’s rally to settle at a four-week high on strengthening cash fundamentals and expectations USDA will report continued shrinkage in the U.S. herd. The CME lean hog index rose 9 cents to $73.02, the highest since Nov. 22. USDA’s Hogs and Pigs Report tomorrow is expected to show the hog herd as of Dec. 1 was down 2.9% from the same date a year earlier. Pork cutout values fell 24 cents today to an average of $84.67 on movement of 257 loads.

 

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