After the Bell | December 9, 2021
Corn: March corn futures rose 4 1/2 cents to $5.91 3/4, matching a five-month closing high on Nov. 26. Corn futures rose for the sixth day in the past seven amid signs of strengthening export demand and a largely neutral USDA Supply and Demand report. Also today, USDA reported net U.S. corn sales totaling 1.133 MMT for the week ended Dec. 2, up 11% from the previous week and up 2% from the average for the previous four weeks.
Soybeans: January soybeans rose 3 1/2 cents to $12.64 1/2. January soybean meal rose $2.50 to $359.70. January soyoil fell 70 points to 54.85 cents, near a six-month low. USDA’s Supply and Demand report brought few surprises, with projected 2021-22 U.S. ending stocks unchanged from last month. Also today, USDA reported a daily soybean sale of 280,000 MT for delivery to “unknown destinations.” Today’s announcement follows seven daily soybean sales since Nov. 30 totaling 931,000 MT for delivery to China or unknown destinations during the 2021-22 marketing year.
Wheat: March SRW wheat futures sank 17 3/4 cents to $7.76 3/4, the lowest closing price since Oct. 27, while March HRW futures fell 15 1/2 cents to $7.96 1/2. March spring wheat fell 13 cents to $10.22 1/4. Disappointing export data and upward revisions to USDA’s ending stocks forecasts undercut wheat futures. In its Supply and Demand report, USDA lowered estimated U.S. exports by 20 million bu., to 840 million bu., and hiked 2021-22 ending stocks a larger-than-expected 15 million bu.
Cotton: March cotton futures fell 13 points to 106.59 cents per pound. USDA held its U.S. cotton ending stocks forecast unchanged from November and kept its national average on-farm cash cotton price forecast unchanged at 90 cents. Also today, USDA reported net weekly U.S. cotton export sales at 382,600 running bales, up 2.0% from the previous week and up 83% from the four-week average.
Cattle: February live cattle fell 87.5 cents to $137.80, the lowest closing price since $137.70 on Nov. 19. January feeder cattle rose 67.5 cents to $164.075. Live cattle ended near a three-week low amid indications upward momentum in the cash market is waning as high retail beef prices crimp demand. Recent cash trade was relatively active around $140 in southern markets, steady with last week’s average. However, other markets reached $142 to $143 last week, suggesting the overall average this week may turn steady-to-weaker. Choice cutout values rose 44 cents to $264.55, up from an eight-month low yesterday.
Hogs: February lean hog futures surged $1.775 to $77.825, while the December contract rose $1.60 to $72.425. Hogs futures rose for the first day in the past five amid wholesale market strength and signs of bottoming in the CME lean hog index. Pork cutout values fell $3.48 today, to an average of $86.96, after surging nearly $9.00 yesterday, indicating lower prices sparked improved retail demand.
