Posted 08:34 — March corn rose 3 1/4 cents per bushel, January soybeans rose 5 1/4 cents per bushel. March KC wheat is up 6 3/4 cents per bushel, March Chicago wheat is up 6 3/4 cents per bushel and March Minneapolis wheat is up 3 3/4 cents. The Dow Jones Industrial Average fell 90.79 points to 36,113.65, the U.S. dollar index rose 0.080 to 103.79 and crude oil rose $0.41 a barrel to $73.45 in January. For the second consecutive year, the USDA announced new sales of soft red winter wheat to China for 2023-24: 198,000 tons or 7.3 tons were sold to China. Over the past two days, China has purchased a total of 23.4 MB of US SRW. Wheat futures are once again reacting to the new wheat sales, with all three markets heading for a possible sixth straight higher close. March corn is rising above the 20-day average and is just 4 cents below the 50-day average.
Posted at 11:35 a.m. – February live cattle are up $0.83 to $167.9, January feeder cattle are up $3.70 to $214,225, February lean hogs are up $1.25 U.S. dollars at $69.55, March corn down 1 3/4 cents a bushel and January soybean meal at $4.60. The Dow Jones Industrial Average is down 113.22 points. The cattle country remains rather quiet at midday and the bids are very elusive. Some early offering prices start at over $175 in the South, but are not yet established in the North. Beef proportions are lower at midday (selection 294.08 -0.91, selection 258.64 -4.19) with light to moderate box movement (44 lds select cuts, 24 lds select cuts, 10 lds trim and 10 lds ground), with a Choice/choice range of 35.44. 126,000 cattle are expected to be slaughtered on Tuesday. Lunch pork cuts are 84.74, +0.31, with a total load of 213.54. 485,000 pigs are expected to be slaughtered on Tuesday.
Posted 08:40 – February live cattle are down $0.20 to $166,875, January feeder cattle are up $1.18 to $211.7, February lean hogs are down $1.13 to $69,675, in March corn was up 4 1/4 cents a bushel and in January soybean meal was up $3.10. The Dow Jones Industrial Average is down 93.51 points. Cash Cattle Country is off to a slow start Tuesday morning as bids and asks are not set. Significant trading volume is likely to be delayed until Wednesday or later. The forecast CME Lean Hog Index for December 1 fell $0.74 to $69.84.
**
Register now for DTN's Virtual Ag Summit on December 5th and 6th, a virtual event that will feature discussions on the value of farmland, tax advice, the latest technological advances and the challenges of running a family business. On Wednesday, Ag meteorologist John Baranick will provide a first look at what to expect from the weather in 2024, and Todd Hultman will give you his best guess on where corn and soybean prices are headed in the coming year.
Register for this free event at www.dtn.link/DTNAgSummit23. Can't make it these two days? A recorded link will be provided, but you will need to register.
(c) Copyright 2023 DTN, LLC. All rights reserved.
Comments are closed.