Posted at 10:31 – December Corn is down 30 3/4 cents a bushel, November Soybeans are down 32 cents, September KC Wheat is down 8 3/4 cents, September Chicago Wheat is up down 10 1/2 cents and Minneapolis wheat for September is down 4 3/4 cents. The Dow Jones Industrial Average is down 217.05 points and Crude Oil is down $0.63 a barrel in August. The US Dollar Index is up 0.610 and Gold is up $8.30 an ounce in August. The purge continues with December corn leading the downtrend, down 40 cents from Wednesday’s high, while November beans are now down 70 cents over the past two days. Aside from a slightly better chance of some rain help for Iowa and Illinois, nothing has slowed the increasing drought in the primary corn belt. There are still conflicts between weather models, with the EU being wetter over 10 days and the GFS drier.
Posted 8:47 am – December Corn is down 22 1/4 cents a bushel, November Soybeans are down 37 1/2 cents, KC September Wheat is down 16 1/4 cents, Chicago Wheat in the September is down 13 cents and Minneapolis wheat in September is down 5 3/4 cents. The Dow Jones Industrial Average is down 295.11 points and Crude Oil is down $1.90 a barrel in August. The US Dollar Index is up 0.400 and Gold is up $22.10 an ounce in August. The correction in the grain and soybean markets continues to be pressured by external markets and there are prospects of slightly better rain chances for the dry corn belt. However, no drought-destroying totals are on the horizon. Long traders appear to be taking some profits as weather markets are notoriously volatile.
Posted at 11:20am – August live cattle down $0.23 to $170.925, August feed cattle up $3.63 to $234.3, August lean hogs stable, December corn up 33 Down 1/4 cent a bushel and in December soybean meal is down $19.30. The Dow Jones Industrial Average is down 151.68 points. With corn prices currently down $0.26-$0.33, most livestock is trading higher into Friday noon. The main focus of the market this afternoon will be waiting to see how the Cattle on Feed report fares as rankings are expected to be higher than a year ago.
Posted 8:47 AM — In August live cattle down $0.43 to $170.725, in August forage cattle up $1.35 to $232.025, in August lean hogs down $0.60 to $89.375, in December corn is down 22 1/4 cents a bushel and December soybean meal is down $15.30. The Dow Jones Industrial Average is down 291.97 points. Net beef sales in 2023 came in at 13,300 tons, up 4% from the previous week but 14% below the previous four-week average. The three largest buyers were China (4,700 mt), Japan (2,900 mt) and South Korea (1,900 mt). Net sales of 28,700 tons of pork in 2023 were up 7% from the previous week and 10% from the previous four-week average. The three largest buyers were Mexico (12,100 mt), Canada (5,000 mt) and South Korea (3,100 mt).
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