(Illustration by Nick Scalise)
Posted at 10:31 am – December Corn is up 9 1/2 cents a bushel, November Soybeans are up 23 1/2 cents, July KC Wheat is up 5 3/4 cents, July Chicago -Wheat is up 13 cents and July Minneapolis wheat is down 1/2 cent. The Dow Jones Industrial Average is up 77.64 points and Crude Oil is up $2.05 a barrel in July. The US dollar index is down 0.590 and gold is up $14.70 an ounce in August. Row crops continue to post gains while wheat prices have pulled back from previous gains, with spring wheat posting a small loss after the US drought monitor showed only 6% of US spring wheat is experiencing some drought. July KC wheat failed to move above USD 8/Bu this session. The Energy Information Administration reported that ethanol production for the week ended May 26 hit 1.004 million barrels/day, slightly ahead of estimates before the report, and surpassed 1 million barrels for the first time in a month, marking an increase of 2% on the previous week corresponds to 6.3% below the level of the previous year. Ethanol inventories rose 300,000 barrels last week to 22.3 million barrels, the first increase in six weeks, while it was 700,000 barrels below last year’s level.
Posted at 8:33 a.m. – After Thursday’s bell-ring at 8:30 a.m. CDT, grain prices have risen sharply across the board, helped by Thursday’s new drought monitor showing a widespread increase in unusually dry conditions throughout the central and eastern Midwest shows. December corn is up 11 1/4 cents and November soybeans are up 20 1/2 cents. In July, KC wheat was up 13 1/2 cents and July Minneapolis wheat was up 11 cents. Rain is likely in the western plains for the next few days as flash flood warnings are in place in Montana and around the Texas Panhandle. July Crude Oil prices are down $0.08 and Dow Jones futures are down 160 points. The US dollar index is down 0.32 and gold is up $3.50 in August. Late Wednesday, the House of Representatives passed the debt ceiling bill by a large majority and is now sending it to the Senate for approval.
OMAHA (DTN) — August live cattle are up $3.45 to $171.125, August forage cattle are up $1.35 to $240.525, July lean hogs are up 1.63 US dollar down to $81.7, in July corn is up 2 1/2 cents a bushel and in July soybean meal is up $7.50. The Dow Jones Industrial Average is up 213.36 points. Feeders continue to exist in the cash cattle market, ignoring the current packer bids. Packer interest should increase sharply throughout the day and trading should develop through Thursday afternoon.
Posted 08:34 – In August live cattle are down $0.23 to $167.45, in August forage cattle are down $1.65 to $237.525, in July lean hogs are down $0.73 to $82.6 down, in July corn was up 7 1/4 cents a bushel and in July soybean meal was up $5.80. The Dow Jones Industrial Average is down 121.47 points. The cash beef market is still extremely quiet as fatteners wait for better demand from packers. There are currently no bids on the table but trade is likely to develop at some point during Thursday and prices should remain completely stable.
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