After the Bell | January 13, 2022

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Corn: March corn fell 11 1/2 cents to $5.87 1/2, the lowest closing price since Dec. 15. Corn closed at a four-week low amid long liquidation and improved rainfall chances for South America. Forecasts indicate rains will move into dry areas of southern Brazil this weekend, with better chances next week. Argentina is also line for some rains and cooler temperatures from the weekend through next week. While the expected rains will provide temporary relief from moisture and heat stress for crops, more will be needed. Corn export sales were below expectations at 457,700 MT for the week ended Jan. 6.

Soybeans: March soybean futures fell 22 cents to $13.77 1/4, the contract’s lowest closing price since $13.55 1/2 on Jan. 3. March soybean meal fell $7.30 to $408.90. March soybean oil fell 93 points at 58.44 cents per pound. Profit-taking pressure and forecasts for needed rain in South America sent soy complex prices lower, with March soybean settling at the lowest price in over a week. Lackluster exports also weighed on soybeans. Early today, USDA reported net U.S. soybean sales of 735,600 MT for the week ended Jan. 6, up 92% from the previous week but down 1% from the four-week average.

Wheat: March SRW wheat futures fell 11 cents to $7.46 3/4, the lowest close in a week. March HRW futures fell 18 1/4 cents to $7.59 1/4, the lowest closing price since $7.54 on Oct. 21. March spring wheat fell 25 cents to $8.95 1/2, the lowest settlement since Sept. 29. Wheat futures fell sharply a second straight day in the wake of USDA’s higher-than-expected U.S. winter crop seedings estimates. Sluggish exports continued to burden wheat futures. USDA reported net U.S. wheat sales of 264,400 MT for the week ended Jan. 6, down 20% from the prior four-week average.

Cotton: March cotton fell 80 points to 116.84 cents per pound. After March futures posted a contract yesterday, cotton futures pulled back on profit taking. Losses in cotton futures were limited by an upbeat weekly USDA export sales report. Net sales of 401,000 running bales (RB) for 2021-22 were up 85% from the average for the previous four weeks. China and India were leading buyers at 139,500 RB and 74,700 RB, respectively. Exports of 167,600 RB were up 60% from the previous week and up 27% from the prior four-week average. 

Cattle: February live cattle futures rose 42.5 cents to $137.00. March feeder cattle rose $1.70 to $166.725. Live cattle rebounded from yesterday’s losses on corrective buying and strength in the boxed beef market. Choice cutout values rose another $2.93 today to $282.86, the highest daily average since $288.20 on Nov. 15. Movement totaled 127 loads. Select values rose $1.78 to $272.76. The boxed beef market’s gains likely reflect stepped-up demand from retailers restocking after the holidays. Live steers averaged $136.49 so far this week, down nearly $2.00 from last week's average, USDA reported.

Hogs: February hog futures fell $1.00 to $77.85, matching a one-month closing low posted Jan. 11. Hog futures resumed the past week’s downswing in the wake of USDA’s reduced outlook for pork exports. In a report yesterday, USDA cut its 2021 export estimate 75 million pounds and lowered its 2022 forecast by 405 million pounds, to 7.0 billion pounds. The preliminary figure for the next CME index quote fell 46 cents to $74.60, the second decline in a row. Pork cutout values surged $10.82 today to $95.28, the highest daily average since Nov. 11, as primal hams jumped over $29 and primal loins rose over $12. Movement was relatively slow at 298 loads.

 

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