Posted at 10:36 am — Thursday morning December soybean meal leads the grain sector higher, trading around $21 and November soybeans dragging 40 1/2 cents higher. Corn and wheat are also trading higher on Thursday, shedding outside concerns and paying more respect to the tighter supply situation likely to come in 2022-23. December corn is up 9 1/4 cents, September KC wheat is up 23 1/4 cents and September Minneapolis wheat is up 23 1/2 cents. Crude oil in September fell $2.33 and threatens to close below $90 for the first time in over four months. Dow Jones futures are down 96 points and the US Dollar Index is down 0.56. Gold is up $26.70 in August.
Posted at 08:36 – Following Thursday’s 8:30 CDT open, row crops are sloping higher and still face rain in the seven-day forecast. Corn was up 1 cent in December and soybeans were up 14 3/4 cents in November, helped by an $8.70 gain in soybean meal in December. The USDA reported another week of low corn export sales and a tiny cancellation for old crop soybeans. September KC wheat is down 1 1/4 cents and September Minneapolis wheat is up 3 3/4 cents. September crude oil is down $0.68 and Dow Jones futures are down 44 points. The US dollar index is down 0.20 and August gold is up $17.20 after the Bank of England raised interest rates to 1.75% from 1.25% earlier on Thursday.
Posted at 11:42am – October live cattle down $0.28 to $143.675, September feed cattle down $0.43 to $182.475, October lean hogs down $1.45 to 97.3 $up, December corn is up 9 1/4 cents a bushel and December soybean meal is up $22.00. The Dow Jones Industrial Average is down 82.31 points. Light trading was reported in the south at $135.50-$136, which is $0.50-$1.00 higher than the rest of the week and last week’s trading. As packers show increasing interest in the cash cattle market, the indisputable conclusion is that packers are underpaid and need cattle.
Posted 08:33 — October live cattle are up $0.03 to $143.975, September feed cattle are down $0.25 to $182.65, October lean hogs are up $1.55 to 94, Down $3, December Corn is up 1 1/4 cents a bushel and December Soy Meal is up $7.40. The Dow Jones Industrial Average is down 40.34 points. Net beef sales of 12,000 tonnes for 2022 were 52% below the previous week and 30% below the previous four week average. The three main customers were South Korea (2,900 tons), Japan (2,400 tons) and Canada (1,800 tons). Net pork sales of 31,000 tonnes for 2022 were 43% higher than the previous week and 35% higher than the previous four-week average. The three largest customers were China (16,800 t), Mexico (8,600 t) and Japan (1,800 t).
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