Posted at 10:32 – December Corn is down 14 3/4 cents a bushel, November Soybeans are down 28 cents, September KC Wheat is down 25 1/2 cents, September Chicago Wheat is up down 20 1/4 cents and Minneapolis wheat for September is down 20 1/2 cents. The Dow Jones Industrial Average is down 119.79 points and crude oil is up $1.63 a barrel in August. The US dollar index is up 0.460 and gold is down $1.80 an ounce in August. Downside momentum in the corn, soybean and wheat markets is accelerating on the forecast and perception of better rains from the weekend and into next week. While bean spot futures are falling sharply in July, persistent bullish and inverted calendar spreads suggest that corn and soybean supplies are even tighter than the USDA’s previous estimate.
Posted at 8:35 am – December Corn is down 12 3/4 cents a bushel, November Soybeans are down 24 cents, September KC Wheat is down 18 cents, September Chicago Wheat is down 12-1 /4 cents down and Minneapolis wheat is down 15 cents in September 1/2 cent. The Dow Jones Industrial Average is down 109.72 points and crude oil is up $0.07 a barrel in August. The US dollar index is up 0.370 and gold is down $5.10 an ounce in August. The USDA announced new corn sales to Mexico — a total of 170,706 metric tons (6.7 Mt) with only 840,000 metric tons for 2022-23 and 149,366 metric tons (5.9 Mt) for 2023-24. The weather premium continues to be absent in the grain and soybean markets and all major weather models appear to be converging towards a more favorable pattern over the next 10 days at a time when both corn and soybean conditions are at their worst since 1988.
Posted at 11:32 am – In August live cattle are up $0.83 to $173.325, in August forage cattle are up $0.80 to $239.3, in August lean hogs are up $0.03 to $91.075 up, in December corn is down 13 cents a bushel and in December soybean meal is down $5.30. The Dow Jones Industrial Average is down 26.93 points. No cattle have been traded in the Cash cattle market at this time, however bids are currently being placed in the North and South. Given this week’s light show list, packers will need to raise their bids if they want to buy cattle ahead of the long weekend.
Posted 08:34 – In August live cattle are up $0.23 to $172.725, in August forage cattle are up $1.25 to $239.75, in August lean hogs are up $0.20 to $91.25 up, in December corn is down 16 cents a bushel and in December soybean meal is down $9.40. The Dow Jones Industrial Average is down 71.32 points. Livestock is trading higher as the market sees renewed opportunity thanks to the cheaper corn price. The cash cattle market is likely to see more business on Wednesday after developing a slight move in the south on Tuesday afternoon at $178, down $2.00 from last week’s weighted average.
(c) Copyright 2023 DTN, LLC. All rights reserved.
Comments are closed.