(Illustration by Nick Scalise)
Posted 08:38 — After Friday’s 8:30 CDT open, almost the entire Commodity Committee is red, concerned about higher interest rates and slowing economies. Crop prices are no exception, corn is down 15 1/2 cents in December and soybeans are down 26 1/2 cents in November. KC December Wheat is down 20 1/4 cents and Minneapolis December Wheat is down 19 1/2 cents. Crude oil in November fell $4.18, near its lowest price this year. Dow Jones futures are down 298 points and the US dollar index is up 0.78, hitting its highest level in 20 years. Gold in December is down $21.30.
OMAHA (DTN) – December live cattle are down $0.50 to $148.85, October feed cattle are up $0.88 to $178.85, December lean hogs are up $0.80 to $84.875 $ down, corn is down 15 3/4 cents a bushel in December and soybean meal is down $7.50 in December. The Dow Jones Industrial Average is down 286.58 points. After Thursday’s lower close, both livestock and lean hog contracts are trending lower on Friday. However, the good news is that the corn market is trending lower by $0.15-$0.16 earlier in the day, but the feedstock complex is trading higher. A bit of scavenging trading can develop in the Bar Cattle market throughout the day, but by and large most of the week’s trading is likely to be completed.
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