As of midday Monday, prices are mixed, with February cattle rising $0.48 to $166.20 and January feeder cattle falling $0.88 to $214.43. The USDA reported negotiated cattle volume last week of 66,387, about 5,000 fewer than the previous week, but 85% were for the current shipment. Packaged beef prices posted slight gains early Monday after selection prices fell $9.45 last week. February lean hogs fell $1.55 to $67.43. Early Monday, the USDA set the national formula price at $68.56, more than $16 above the negotiated price, suggesting packers can easily meet their weekly needs. The price of hog carcasses rose $1.83 to 178.99 loads early Monday, while the price of bellies increased $17.17. March corn prices fell 3 3/4 cents and January soybean meal prices rose $7.30. Dow Jones futures rose 57 points.
Posted at 10:35 a.m. – March corn is down 5 1/4 cents per bushel, January soybeans are up 20 1/2 cents per bushel. March KC wheat is down 27 cents per bushel, March Chicago wheat is down 21 1/4 cents per bushel and March Minneapolis wheat is down 14 1/2 cents. The Dow Jones Industrial Average rose 85.90 points to 36,333.77 and the US dollar index rose 0.230 to 104.24 and crude oil fell $0.49 a barrel to $70.74 in January. Soybeans and soy products continue to be very strong while wheat and corn markets hit new intraday lows. There appear to be different interpretations as to how the unusual weather pattern in Brazil this year could impact yield, production and harvest window this year.
Posted 08:34 — March corn is down 3/4 cents per bushel, January soybeans are up 15 3/4 cents per bushel. In March, KC wheat fell 7 3/4 cents per bushel, in March, Chicago wheat fell 5 cents per bushel, and in March, Minneapolis wheat fell 1 1/2 cents. The Dow Jones Industrial Average rose 67.85 points to 36,315.72 and the US dollar index rose 0.150 to 104.16 and crude oil fell $0.29 a barrel to $70.94 in January. The USDA announced new sales of soybeans for 2023-24 – 132,000 metric tons (4.85 million metric tons) to undisclosed destinations. Soybeans and products are leading the uptrend to start the new week, with wheat markets coming under slight pressure as US wheat has become less competitive in the recent rally. Corn moves almost unchanged at the beginning.
Posted Sunday, Dec. 10 at 7:03 p.m. – As of Sunday evening's open, March corn is up 1 1/2 cents and January soybeans are up 9 1/2 cents. Recent rains have been helpful for central Brazil and the region is expected to see more over the next few days before decreasing amounts over the following seven days, accompanied by hotter temperatures until rain returns around December 20th. March KC wheat is up 1/2 cent and March Minneapolis wheat is down 1 1/2 cents. Crude oil rose $0.26 in January and Dow Jones futures rose 19 points. The US Dollar Index is down 0.05 and February gold prices are up $5.00.
Posted 08:33 – February cattle are up $0.40 to $166.13 and January feeder cattle are up $0.65 to $215.95. Dow Jones estimates Monday's cattle slaughter at 125,000 and hog slaughter at 484,000. The USDA's weighted average cattle price reports for last week will be released later Monday morning and were estimated to be $3 to $4 lower for the week. February lean hogs increased $1.05 to $70.03. March corn is down 1/4 cent and January soybean meal is up $5.40. Dow Jones futures rose 51 points.
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