(Illustration by Nick Scalise)
Posted at 10:33 a.m. – March corn down 6 1/2 cents per bushel, March soybeans down 6 cents per bushel. March KC wheat is down 7 3/4 cents per bushel, March Chicago wheat is down 11 3/4 cents per bushel and March Minneapolis wheat is down 6 3/4 cents. The Dow Jones Industrial Average rose 9.13 points to 38,281.88, the U.S. dollar index fell 0.220 to 104.74 and March crude oil fell $0.19 a barrel to $77.68. Corn, KC and Minneapolis wheat all fell to new contract lows, while spot bean futures hit their lowest level since early June. Expectations of a bearish USDA Ag Outlook Forum and favorable weather in South America have no doubt already encouraged short funds. Ethanol production was higher last week, but inventories rose a whopping 4.2%.
Posted at 8:37 a.m. – March corn down 4 1/2 cents per bushel, March soybeans down 2 1/2 cents per bushel. In March, KC wheat fell 11 1/4 cents per bushel, in March, Chicago wheat fell 14 3/4 cents per bushel, and in March, Minneapolis wheat fell 9 1/2 cents. The Dow Jones Industrial Average rose 93.66 points to 38,366.41, the U.S. dollar index fell 0.160 to 104.80 and March crude oil rose $0.45 a barrel to $78.32. The grain and soy markets are under strong selling pressure early on. March corn, March KC and Chicago wheat all fell to new contract lows. March beans hit lowest level since June. Expectations of a bearish USDA Outlook Forum on Thursday and continued favorable weather in South America add to the pressure.
OMAHA (DTN) – April live cattle fell $1.45 to $183.65, March feeder cattle fell $3.25 to $244.75, April lean hogs up $3.35 to $84,425, March corn down 8 1/2 cents per bushel and March soybean meal down $1.10. The Dow Jones Industrial Average rose 15.46 points. The consumer price index is at 3.1%, the highest level since last November and does not sit well with livestock. Producers are already paying high prices for cattle, and the likelihood that interest rates will not be lowered is not good for ranchers and traders.
Posted 08:34 – April live cattle are down $0.28 to $184,825, March feeder cattle are down $0.23 to $247,775, April lean hogs are up $0.90 to $81,975, corn is in March down 2 3/4 cents per bushel and March soybean meal is up $1.00. The Dow Jones Industrial Average rose 121.16 points. The cash cattle market still hasn't developed a trade, but interest from packers could increase at any time. Asking prices in the south are $184, but in the north they have not yet been set. After rising from $3.00 to $5.00 last week, trading is expected to be stable this week.
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