(Illustration by Nick Scalise)
Posted at 10:30 am – The Dow Jones Industrial Average is up 146.40 points and Crude Oil is up $0.22 a barrel in October. The US Dollar Index is down 0.300 and gold is up $17.30 an ounce in December. Statistics Canada has estimated Canada’s total wheat production at 29.472 million tonnes, which is near the lower end of the range of expectations ahead of the report and represents a 14.2% decline from 2022 Chicago wheat slips below May lows on Tuesday as the December MGEX Spring Wheat nears a test of May lows.
Posted at 8:33 am – December Corn is down 1 3/4 cents a bushel, November Soybeans are down 8 cents, December KC Wheat is down 11 3/4 cents, December Chicago Wheat is up Minneapolis wheat is down 7 cents and Minneapolis wheat is up 3 cents in December. DJIA September futures are down 9 points. The US dollar index is up 0.2680 to 104.260, gold is down $0.60 an ounce to $1,946.20 in December and crude oil is up $0.22 a barrel to $80.32 in October . The USDA announced two new sales for 2023–24: sale of 246,100 tonnes (9 million tonnes) of soybeans to undisclosed destinations and an additional 105,000 tonnes of soybean cake and meal to undisclosed destinations. The initial weakness in corn and beans comes as harvest conditions deteriorated less than expected, with corn falling 2 percentage points and soybeans just 1 point, while traders saw a 2 to 4 point drop in “good” ratings “ to “excellent” expected. KC December wheat hit May low.
OMAHA (DTN) – Live cattle are up $0.13 in October to $181.675, feed cattle are down $0.18 in October to $256.85, lean hogs are down 0 in October, $78 down to $81.075, corn is down 2 1/2 cents a bushel in December and soybean meal is down $4.70 in December. The Dow Jones Industrial Average is up 240.94 points. Traders continue to support both the live and forage contracts into Tuesday noon as lower corn prices motivate them. No cash trades have been reported so far and action is unlikely to materialize before Wednesday, if not possibly later in the week.
Posted 08:34 — Live cattle down $0.63 in October to $180.925, feed cattle down $0.65 in October to $256.375, lean pork down $0.15 to $82 in October, corn in December is down 1 1/4 cents a bushel and Soybean Meal in December is down $3.90. The Dow Jones Industrial Average is up 4.39 points. After trading significantly higher on Monday, cattle contracts are now trading lower as traders look for fundamental safety. Meanwhile, lean pork contracts are still trading higher as they find solace in the ongoing weakness in the corn market.
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