Posted at 10:31 a.m. – March corn up 1 1/2 cents per bushel, January soybeans up 9 cents per bushel. March KC wheat is up 2 3/4 cents per bushel, March Chicago wheat is up 5 3/4 cents per bushel and March Minneapolis wheat is up 2 3/4 cents. The Dow Jones Industrial Average fell 1.23 points to 36,053.20, the U.S. dollar index fell 0.470 to 103.69 and crude oil rose $0.13 a barrel to $69.51 in January. Chicago wheat has rebounded from early selling and is now expected to finish higher for an eighth straight day. There are further rumors that the USDA may increase US wheat exports due to new Soft Red sales to China of 37 million barrels this week. Both soybeans and bean oil are firm after Wednesday's weakness. Corn continues to hover just above the 20-day moving average.
Posted at 8:34 a.m. – March corn is up 1 3/4 cents per bushel, January soybeans are up 8 cents per bushel. March KC wheat is down 8 cents per bushel, March Chicago wheat is down 8 1/4 cents per bushel and March Minneapolis wheat is down 3 1/2 cents. The Dow Jones Industrial Average rose 93.05 points to 36,147.48 and the US dollar index fell 0.340 to 103.81, and crude oil rose $0.89 a barrel to $70.27 in January . The USDA announced new sales of soybeans to unknown destinations for 2023-24: 121,000 mt or 4.4 mb were sold. Corn, soybeans and produce are rising while all three wheat markets are falling, which is likely disappointing since no new wheat sales have been announced in China.
Posted at 11:39 a.m. – February live cattle are down $0.20 to $163.35, January feeder cattle are up $1.18 to $211,325, February lean hogs are up $1.30 to $68 decreased, in March corn was up 3 1/4 cents per bushel and in January soybean meal was down $1.60. The Dow Jones Industrial Average rose 53.36 points. To date, no cash cattle bids have been renewed. Beef cuts are mixed at noon (selection 288.62 -1.94, selection 260.34 +0.44) with light to moderate box agitation (60 lds select cuts, 11 lds select cuts, 00 lds trim and 36 lds ground), with a Selection/selection margin of 28.28. 125,000 cattle are expected to be slaughtered on Thursday. The lunch pork cuts are 82.63, -0.57, with a total load of 156.62. 486,000 pigs are expected to be slaughtered on Thursday.
Posted at 9:00 a.m. – February live cattle are up $0.25 to $163.8, January feeder cattle are up $1.48 to $211,625, February lean hogs are up $1.13 to $68,175 decreased, March corn increased 1 cent per bushel and January soybean meal decreased $0.20. The Dow Jones Industrial Average rose 11.51 points. Light trade was reported in most livestock feeding areas on Wednesday, with live trade in the South at $171, $3 less than last week's weighted average. The northern clothing store was valued at mostly $271, down $4 from the previous week's weighted average. The overall trading volume numbers looked rather light, so more trades on Thursday and/or Friday are very likely. The forecast CME Lean Hog Index for December 5 fell $0.17 to $69.43. For the period November 24-30, 2023 net sales of beef were 200 tonnes – a low for the entire marketing year – 98% lower than the previous week and the average for the previous four weeks. The three largest buyers were Japan (1,800 tons), Mexico (1,300 tons) and China (900 tons). During the same period, net sales of pork in 2023 were 25,900 tons, up 23% from the previous week but down 14% from the previous four-week average. The three largest buyers were South Korea (10,100 tons), Mexico (7,800 tons) and Japan (2,700 tons).
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