(Illustration by Nick Scalise)
Posted at 10:33 a.m. – March corn up 2 cents per bushel, March soybeans down 17 1/4 cents per bushel. In March, KC wheat rose 3 1/4 cents per bushel, in March, Chicago wheat rose 10 1/4 cents per bushel, and in March, Minneapolis wheat fell 3/4 cent. The Dow Jones Industrial Average fell 14.20 points to 37,346.92 and the US dollar index rose 0.250 to 103.61 and crude oil fell $0.34 a barrel to $72.06 in February. Mid-morning corn rebounded from a new contract low, while Minneapolis wheat hit a new low and KC wheat came within a penny of the low before recovering. Soybeans and soymeal continue to correct due to Tuesday's strength. Some wheat deals are underway, with Algeria now said to have purchased up to 900,000 tonnes and Jordan 120,000 tonnes of wheat. According to Russian offers, the cheapest offer to Egypt is said to come from Ukraine at $30/mt.
Posted at 8:36 a.m. – March corn down 1 3/4 cents per bushel, March soybeans down 15 3/4 cents per bushel. In March, KC wheat fell 4 1/4 cents per bushel, in March, Chicago wheat fell 1 1/4 cents per bushel, and in March, Minneapolis wheat fell 2 cents. The Dow Jones Industrial Average fell 97.21 points to 37,263.91, the U.S. dollar index rose 0.200 to 103.55 and crude oil fell $1.31 a barrel to $71.09 in February. It appears to be a risk-off trading day as the grain and soy markets are pressured not only by last week's bearish WASDE, but also by weakness in external markets – falling stocks and energy and the higher US dollar. After showing some strength on Tuesday, soybeans and soybean meal reversed course again despite falling production estimates for Brazil.
OMAHA (DTN) – Live cattle fell $0.93 to $172.2 in February, feeder cattle fell $0.80 to $228,025 in March, lean hogs fell $0.20 in February Dollars to $70.975, March corn down 1/2 cent per bushel and March soybean meal down $10.70. The Dow Jones Industrial Average is down 104.46 points. There are some offers on the table in parts of Nebraska, but in the north, asking prices are not yet fully set. Significant trading volume is likely to be delayed until Thursday and/or Friday. Beef proportions are higher at midday (Selection 297.93 +2.94, Selection 282.18 +2.20) with light to moderate box movement (36 lds selected cuts, 13 lds selected cuts, 09 lds trim cuts and 13 lds ground cuts), with a choice/choice margin of 15.74. 123,000 cattle are expected to be slaughtered on Wednesday. Lunch pork cuts are 88.86, +1.07, with a total load of 147.78. 484,000 pigs are expected to be slaughtered on Wednesday.
Posted 08:47 — February live cattle are down $0.70 to $172,425, March feeder cattle are down $0.63 to $228.2, February lean hogs are steady, March corn is down 1 Cents per bushel down and March soybean meal is down $6.20. The Dow Jones Industrial Average is down 116.59 points. All is quiet in cash catder country Wednesday morning as many continue to contend with extremely cold temperatures. In the South, few asking prices between $174 and $175 were noted, and bids remain very difficult to find. The forecast CME Lean Hog Index for January 15, 2024 increased $0.30 to $66.85.
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