(Illustration by Nick Scalise)
Posted at 10:31 am – In morning trade, December corn is down 7 cents a bushel, November soybeans are down 7 1/2 cents, July KC wheat is up 9 3/4 cents, the July Chicago Wheat Down 3/4 Cents Minneapolis wheat is down 3 cents in July. The Dow Jones Industrial Average is down 265.02 points and Crude Oil is down $0.78 a barrel in July. The US Dollar Index is up 0.370 and Gold is up $13.80 an ounce in June. Soybean losses were offset as soybean oil futures hit positive territory on Wednesday morning, although they have since fallen lower. Wheat from nearby Kansas City has also entered positive territory, with both Chicago wheat and spring wheat futures paring losses. While the overall health of winter wheat showed signs of improvement over the past week, the percentage of the Kansas crop classified as poor to very poor rose two percentage points to 69%. Global external markets continued to show volatility ahead of Wednesday’s debt ceiling vote and also on weaker-than-expected economic data out of China, pointing to challenges for the country’s recovery.
Posted 08:32 – After Wednesday’s bell ringing at 8:30 am CDT, prices for corn, soybeans and all three wheats continue to trade lower for a number of reasons. December corn is down 9 cents and November soybeans are down 14 3/4 cents after the USDA reported planting progress well above their respective five-year averages for that time of year. July KC wheat is down 16 1/4 cents and July Minneapolis wheat is down 15 1/4 cents, with continued selling pressure on the last day of 2022/23 due to specs and an overall drop in export prices all around the globe exists. July Crude Oil prices are down $0.59 and Dow Jones futures are down 136 points. The US Dollar Index is up 0.24 and the June gold price is up $6.00. Traders are wary of a proposal to raise the debt ceiling and await a vote in the House of Representatives later Wednesday.
OMAHA (DTN) – Live cattle are up $0.23 in August to $167.4, feed cattle are up $1.65 in August to $239.425, lean hogs are up $4.10 in July to $83.625, Corn is down 4 1/2 cents a bushel in July and soybean meal is down $2.60 in July. The Dow Jones Industrial Average is down 264.86 points. No cash catering trade has been reported to date and indeed no bids or ask prices have been listed. As of this writing, it looks like the business of the week will be delayed to Thursday or possibly even Friday.
Posted 08:32 — In August live cattle are down $0.08 to $167.1, in August forage cattle are up $0.55 to $238.325, in July lean hogs are up $1.53 to 81.05 $up, in July corn is down 11 1/2 cents a bushel and in July soybean meal is down $5.10. The Dow Jones Industrial Average is down 132.73 points. The lean hog complex got off to an aggressive start as the market opened a gap earlier in the day. It’s still incredibly quiet in the bar cattle market as the packers haven’t placed any bids yet. As of this writing, it looks like weekly business could be delayed until Thursday.
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