(Illustration by Nick Scalise)
Posted at 10:42 am – On December Thursday morning, corn prices are down 6 cents after officially deducting a dollar a bushel from the June 21 high as traders continue to forecast rain for the next two react weeks. Soybeans are up 2 cents in November, with slight gains for soybean meal in August and slight losses for bean oil. Export sales on Thursday morning were not impressive at 5.5 million bushels for corn, 8.4 million bushels for soybeans and 5.7 million bushels for wheat. September KC wheat is down 2 1/4 cents and September Minneapolis wheat is up 9 1/4 cents with only light to moderate rainfall expected in the Northwest Plains for the next seven days. August crude prices are down $0.46 and Dow Jones futures are up 192 points. The US Dollar Index is up 0.36 and the August gold price is down $5.00.
Posted 08:34 – After bell ringing Thursday at 8:30am CDT, crop prices are mixed to higher, still pressured by more favorable rain probabilities in the coming days and weeks. In the meantime, however, crops in the fields continue to suffer. Thursday’s US drought monitor showed increased drought intensity in the Missouri, Illinois and Indiana area, including eastern Iowa. Corn in December is up half a penny and soybeans are down half a penny in November. September KC wheat is up 1 3/4 cents and Minneapolis wheat is up 5 3/4 cents in September. Outside markets are mostly quiet, but gold prices are lower. Crude oil is up $0.01 in August and Dow Jones futures are down 15 points. The US dollar index is up 0.46 and gold is down $20.90 in August.
OMAHA (DTN) – Live cattle are down $0.55 in August to $173.325, feed cattle are down $0.13 in August to $240.125, lean hogs are up $1.33 in August to $92.425, corn is down 5 1/2 cents a bushel in December and soybean meal is up $1.10 in December. The Dow Jones Industrial Average is up 282.27 points. Although bidding is going on in Nebraska and Texas, feedlots don’t seem particularly keen on taking the packers’ lower bids. Unless the packers get more aggressive, trading volume for the week could be quite light at this point.
Posted 08:33 – In August live cattle are down $0.10 to $173.775, in August forage cattle are up $0.43 to $240.675, in August lean hogs are down $0.43 to $90.675 in December corn is down 1 1/4 cents a bushel and soybean meal is down $0.50 in December. The Dow Jones Industrial Average is down 15.77 points. Net sales of 12,000 tons of beef in 2023 were 9% below the previous week and 16% below the previous four-week average. The three largest customers were China (2,500 mt), Japan (2,500 mt) and Canada (1,400 mt). Net sales of 26,700 tons of pork in 2023 were 7% lower than the previous week but 3% higher than the four-week average of the previous week. The three main customers were Mexico (15,100 tons), South Korea (4,100 tons) and Japan (2,600 tons).
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