Posted at 10:35 a.m. – March corn is up 1/2 cent per bushel, January soybeans are down 2 1/4 cents per bushel. March KC wheat is down 1/2 cent per bushel, March Chicago wheat is up 8 cents per bushel and March Minneapolis wheat is up 6 cents per bushel. The Dow Jones Industrial Average rose 33.12 points to 37,281.47 and the US dollar index rose 0.420 to 102.38 and crude oil fell $0.07 a barrel to $71.51 in January. This morning, soybeans are under pressure from the weak soybean oil market, with January soybean oil nearing early November lows and falling for the 11th time in the last 13 days. Corn has changed little and wheat markets are seeing mixed, quiet trading. In good news for ethanol producers, the U.S. Treasury Department signaled that the use of sustainable aviation fuel (SAF) could be eligible for tax credits, but corn has shown little response so far.
Posted 08:33 – March corn is up 1/4 cent per bushel, January soybeans are up 5 1/2 cents per bushel. In March, KC wheat was down 1 1/2 cents per bushel, in March, Chicago wheat was down 1 cent per bushel, and in March, Minneapolis wheat was up 3 1/4 cents. The Dow Jones Industrial Average fell 66.75 points to 37,181.60, the U.S. dollar index rose 0.460 to 102.42 and crude oil rose $0.11 a barrel to $71.69 in January. Then the USDA announced two more new soybean sales for 2023-2: sales of 134,000 metric tons (4.9 million metric tons) to China and 447,500 metric tons (16.4 million metric tons) to unknown destinations. Soybeans and soybean meal are slightly firmer, while corn is unchanged and wheat is usually weaker.
OMAHA (DTN) – February live cattle increased $0.03 to $167.95, January feeder cattle increased $0.38 to $219,725, February lean hogs increased $1.20 to $71,675, Corn rose 1 3/4 cents per bushel in March and soybean meal fell $1.40 in January. The Dow Jones Industrial Average rose 17.71 points. Cash Cattle Country remains relatively quiet midday Friday as only a handful of live deals sold in parts of Nebraska for $168, $2 less than last week's weighted average. The South is still waiting for more money. Beef cuts are mixed at lunchtime (selection $292.08 – $0.24, selection $261.53 + $3.27) with moderate case movement (53 loads of select cuts, 09 loads of select cuts, 18 loads of trim and 11 loads of bottom), with a pick/select spread of 30.55. 120,000 cattle are expected to be slaughtered on Friday and 17,000 animals will be slaughtered on Saturday. Lunch pork cuts are $86.31, +$2.74, with a total load of $139.38. 484,000 pigs are expected to be slaughtered on Friday and 287,000 pigs will be slaughtered on Saturday.
Posted 8:36 a.m. — February live cattle are down $0.28 to $167.65, January feeder cattle are down $0.48 to $218,875, February lean hogs are down $0.93 to 69.55 $ down, corn up 1 1/2 cents per bushel in March and soybean meal up $1.00 in January. The Dow Jones Industrial Average is down 41.98 points. The cash cattle market is slow to get going this morning after weak business in the north over the last two days, with ready-made offers mostly at $267 to $268 and live sales at $167 to $168 U.S. dollar. Things were very quiet in the South, with only a handful of deals taking place in Kansas at $167. One would think that there should be more trading at some point on Friday. The forecast CME Lean Hog Index for December 13 fell $0.38 to $67.75.
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