Posted at 10:35 a.m. – December corn is down 8 cents per bushel, January soybeans are down 3 1/2 cents per bushel. March KC wheat is down 11 cents per bushel, March Chicago wheat is down 16 1/2 cents per bushel and March Minneapolis wheat is down 12 1/2 cents. The Dow Jones Industrial Average fell 68.59 points to 35,321.56, the U.S. dollar index rose 0.010 to 103.41 and crude oil fell $0.12 a barrel to $75.42 in January. Grain markets are collapsing, with both corn and wheat hitting new contract lows, led by Chicago wheat. January soybean prices are down only slightly but are on the verge of challenging the key $13.25 support area, with a close below likely to be interpreted as bearish. I expect funds to add large short positions in both wheat and corn.
Posted 08:37 – In early Monday trading, March corn is down 2 1/2 cents per bushel, January soybeans are up 1/4 cent, March KC wheat is down 1/2 cent, Chicago wheat is down 1/2 cent March is down 3 3/4 cents and March Minneapolis wheat is down 2 cents. The Dow Jones Industrial Average rose 3.61 points and crude oil fell $0.41 a barrel in January. The US Dollar Index is down 0.010 and gold is up $9.70 an ounce in December. South American weather remains critical to the development of the row crop market. Weather is seen as a neutral factor for all three crops on Monday, with central Brazil seeing spotty showers this week, while Rio Grande do Sul to the south saw a break in rainfall over the weekend. Monday reports include weekly export inspections this morning, as well as the crop progress report and the CFTC Commitment of Traders report late in the day.
Posted on Sunday, November 26 at 7:06 pm CST – After opening Sunday evening, March corn is up 1 cent and January soybeans are down 3 cents. After mostly light amounts of snow over the weekend, drier weather is forecast for the Midwest this week. However, heavy rains are expected in the southeastern United States, which will have a positive impact on drought areas and water levels in the lower Mississippi River. March KC wheat rose 2 1/4 cents and March Minneapolis wheat rose 1 1/4 cents. Outside the markets there is calm. Crude oil rose $0.11 in January and Dow Jones futures fell 58 points. The US Dollar Index rose by 0.13 and gold rose by $0.70 in December.
Posted at 11:45 a.m. – February live cattle are down $0.95 to $170,025, January feeder cattle are down $3.98 to $215.35, February lean hogs down $1.08 to $67.7, December corn is down 6 1/2 cents per bushel and January soybean meal is up $3.90. The Dow Jones Industrial Average is down 76.45 points. New show lists appear to be larger in all three major food states. Bids and asking prices have not yet been finalized, but some packers are being sold short, so trading may begin a little earlier this week. Beef proportions are higher at midday (Selection 298.38 +0.35, Selection 272.09 +3.33) with light to moderate box movement (21 lds selected cuts, 07 lds selected cuts, 00 lds trim and 04 lds ground), with a Selection/choice margin of 26.29. An estimated 125,000 cattle will be slaughtered today. Lunch pork cuts are 89.63, +5.46, with a total load of 126.91. An estimated 485,000 pigs will be slaughtered today.
Posted 08:37 — February live cattle are up $1.08 to $172.05, January feeder cattle are up $0.60 to $219,925, February lean hogs are up $0.68 to 69.45 $, December corn was down 3 cents a bushel and January soybean meal was up $2.80. The Dow Jones Industrial Average rose 6.23 points. It's a typically quiet start to the week in the livestock area as bid and offer prices are not yet set and significant trading volume is likely to be delayed until the second half of the week. In last week's cash cattle sales, Southern live deals were $176 to $177, generally $1 to $2 lower than the previous week's weighted averages. Northern dressing traded across the $275-$280 range, mostly at $280, about $1 lower than the previous week's weighted averages. The CME Lean Hog Index for November 22nd continued to fall ($73.60) while losing another $0.30.
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