Posted at 10:33 – As we enter Tuesday morning trade, grain morning losses have widened: December corn is down 14 3/4 cents a bushel, November soybeans are down 30 1/2 cents, KC wheat in the July is down 33 cents, July Chicago wheat is down 21 1/4 cents and July Minneapolis wheat is down 22 1/4 cents. The Dow Jones Industrial Average is down 174.48 points and Crude Oil is down $2.55 a barrel in July. The US Dollar Index is down 0.100 and Gold is up $16.10 an ounce in June. For the week ended May 25, corn export inspections remained positive at 51.7 tons, with 8.8 tons of soybeans and 14 tons of wheat being inspected. Outside markets continue to signal uncertainty that may spill over into grains as the debt ceiling and fiscal agreement will be tested critically over the next two days, while weather continues to be viewed as a neutral factor for row crop markets and a bearish factor for wheat .
Posted at 08:35 – After Tuesday’s chime at 8:30 CDT, crop prices are broadly lower and showing none of last week’s dry weather concerns. December corn is down 6 1/2 cents and November soybeans are down 21 1/4 cents. The weekend was broadly warm and mostly dry, with the exception of rain across the western plains, including flooding around the Texas Panhandle. Rain is expected to continue to favor the western parts of the US this week. KC wheat is down 21 1/2 cents in July and Minneapolis wheat is down 15 3/4 cents in July. Dow Jones futures are down 12 points as many wait for Congress to pass the new debt ceiling agreement. Crude Oil is down $2.60 in July and Copper is trading around $2.30 in July as concerns about the Chinese economy persist. The US Dollar Index is down 0.19 and Gold prices for June are up $9.10.
Posted Monday May 29 at 7:05pm – Crop prices are mixed after Monday night open. December corn is up 3/4 cents and November soybeans are down 2 cents. The western Plains have seen scattered rains for the past few days, but most of the Midwest has been warm and dry with dry winds in some areas. An exception was the Texas Panhandle, which experienced flooding over the weekend. Kansas City wheat is down 4 cents in July and Minneapolis wheat is down 2 1/4 cents in July. Russia continued its attacks on Ukraine over the weekend and damage was reported at the port of Odessa, one of two remaining ports set to be protected under the Black Sea Grain Initiative. External markets are slightly higher on cautious optimism that a US bankruptcy can be avoided. Crude oil is up $0.24 in July and Dow Jones futures are up 36 points. The US Dollar Index is up 0.12 and June gold prices are down $3.90. The House of Representatives is scheduled to vote on a proposal to raise the US debt ceiling on Wednesday, but it’s not clear if enough members will support the compromised measure.
Posted at 11:33 am – August live cattle are up $1.75 to $166.925, August forage cattle are up $4.05 to $237.975, July lean hogs are up $4.75 to $79.525, July corn is down 11 1/2 cents a bushel and July soybean meal is down $5.60. The Dow Jones Industrial Average is down 118.20 points. As corn prices fall 10 to 12 cents, all livestock are recovering by Tuesday noon. No cash trades have been reported as of this writing and it is likely that business developments will wait until Wednesday.
Posted 8:30am – August live cattle are up $0.90 to $166.075, August forage cattle are up $2.33 to $236.25, July lean hogs are up $1.48 to 76.25 $up, in July corn is down 3/4 cents a bushel and in July soybean meal is down $4.50. The Dow Jones Industrial Average is down 7.83 points. The livestock complex is taking an aggressive stance on Tuesday as traders see an opportunity to trade contracts higher while corn prices mostly trade lower. There are currently no cash cattle bids on the table and trade is unlikely to develop until Wednesday or later this week.
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