Posted at 10:37 a.m. – March corn down 4 1/2 cents per bushel, March soybeans down 12 3/4 cents per bushel. March KC wheat is down 1/4 cent per bushel, March Chicago wheat is up 3 cents per bushel and March Minneapolis wheat is down 1 cent. The Dow Jones Industrial Average rose 167.76 points to 38,689.12, the U.S. dollar index fell 0.110 to 104.10 and March crude oil rose $0.35 a barrel to $73.66. In the morning, corn, soybeans and soymeal continue to suffer major losses due to the upcoming weather forecast for Argentina. There is little doubt that fund managers are increasing their already sizeable net short position in both markets. So far there has been a mixed picture for wheat, trading is very quiet. External markets are more stable, the price of crude oil is rising and the S&P is reaching new highs.
Posted at 8:37 a.m. – March corn down 5 1/4 cents per bushel, March soybeans down 17 3/4 cents per bushel. March KC wheat is down 3/4 cent per bushel, March Chicago wheat is up 2 cents per bushel and March Minneapolis wheat is down 1 cent. The Dow Jones Industrial Average rose 144.01 points to 38,665.37, the U.S. dollar index fell 0.140 to 104.07 and March crude oil rose $0.45 a barrel to $73.76. Grain and soy markets are under very heavy selling pressure early Wednesday, with March corn falling to a new contract low and March soybeans just a penny away from recent lows. Good rains overnight in Argentina and the forecast of further relief have put pressure on the future.
Posted at 11:45 a.m. – April live cattle are down $0.83 to $185.25, March feeder cattle are down $0.35 to $246,325, April lean hogs are down $0.48 to 81,725 $ down, March corn was down 4 1/4 cents per bushel and March soybean meal was down $8.60. The Dow Jones Industrial Average rose 155.39 points. In Nebraska there is a single bid for $280, but no feedlot has yet committed to trading cattle. It is likely that trading will be delayed until Thursday as feedlots anticipate higher prices. In the south, asking prices are over $182, but in the north they are not yet set.
Posted 08:36 — April live cattle are down $0.10 to $185.975, March feeder cattle are up $0.23 to $246.9, April lean hogs are up $0.30 to 81.55 $ increased, March corn was down 5 cents per bushel and March soybean meal was down $6.20. The Dow Jones Industrial Average rose 123.63 points. No cash trade in cattle has been reported yet, but it is likely that packer interest will increase as the day progresses. Asking prices in the south are $181 to $182, but in the north they are not yet set.
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