Posted at 10:30 am – December Corn is up 8 1/4 cents a bushel, November Soybeans are up 23 1/4 cents, September KC Wheat is down 2 cents, September Chicago Wheat is up up 4 1/4 cents a bushel and September Minneapolis wheat is up 7 1/2 cents. The Dow Jones Industrial Average is up 38.02 points and crude oil is up $0.39 a barrel in August. The US dollar index is down 0.540 and gold is up $3.60 an ounce in August. Soybeans and soymeal are leading the rise with only Kansas City wheat lower early Thursday. Markets likely overreacted to Wednesday’s bearish WASDE report, with traders likely to question record-breaking corn production and bean yield amid the severe drought of recent months.
Posted 8:36 am – December Corn is up 3 1/4 cents a bushel, November Soybeans are up 23 1/4 cents, September KC Wheat is down 1/4 cent, September Chicago Wheat is up 1 cent and September Minneapolis wheat is up 5 1/2 cents higher. The Dow Jones Industrial Average is up 121.05 points and crude oil is down $0.24 a barrel in August. The US dollar index is down 0.410 and gold is up $1.90 an ounce in August. Corn and the soy sector are recouping some of the losses we suffered after the bearish WASDE report. The USDA’s decision to abandon record-high bean yields and print a record-high corn crop despite months of drought was a mystery to traders. The weather is causing rain in Nebraska and Missouri early Thursday.
Posted at 11:34 am – August live cattle down $1.45 to $175.425, August feed cattle down $2.93 to $243.65, August lean hogs down $0.23 to $95.575 up, in December corn is up 12 1/2 cents a bushel and in December soybean meal is up $9.50. The Dow Jones Industrial Average is up 63.58 points. The cash cattle market is offering live bids for $175 in the South and $295 in the North, but still no cattle have traded. Interest should improve this afternoon, but significant trading could be delayed until Friday if packers don’t increase their bids.
Posted 8:36 AM — August live cattle down $0.98 to $175.9, August feed cattle down $0.73 to $245.85, August lean hogs down $0.93 to $96.275 $up, in December corn is up 3 1/2 cents a bushel and in December soybean meal is up $4.30. The Dow Jones Industrial Average is up 115.66 points. Net sales of beef in 2023 came in at 9,900 tons, down 42% from the previous week and 28% from the previous four-week average. The three largest buyers were Japan (3,200 mt), Taiwan (1,600 mt) and China (1,400 mt). The next pork sale of 24,500 tons for 2023 was 6% below the previous week and 9% below the previous four-week average. The three largest buyers were China (13,700 mt), Japan (3,800 mt) and Mexico (3,600 mt).
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