(Illustration by Nick Scalise)
OMAHA (DTN) – July corn is up 6 cents a bushel, July soybeans are up 3 1/4 cents, July KC wheat is up 41 cents, July Chicago wheat is up 28 cents and July Minneapolis wheat is up 23 3/4 risen cents. The Dow Jones Industrial Average is down 52.65 points and crude oil is down $3.41 a barrel in June. The US Dollar Index is down 0.580 and gold is up $10.70 an ounce in June. After being crushed for the past two weeks, all three wheat markets are higher early Wednesday as markets have been severely oversold. The Funds remain short a very large position in Chicago wheat, although exiting these short positions is likely to trigger a larger rally. Corn and bean oil have rallied despite the ongoing slump in crude oil prices and are now approaching $68 a barrel.
Posted 8:33 – July corn down 1 1/4 cents a bushel, July soybeans down 9 1/4 cents, July KC wheat up 15 3/4 cents, July Chicago wheat is up 15 cents and Minneapolis wheat in July is up 7 cents. The Dow Jones Industrial Average is up 6.67 points and crude oil is down $2.24 a barrel in June. The US Dollar Index is down 0.400 and Gold is up $2.40 an ounce in June. Corn, soybeans and soy products start trading under pressure on Wednesday with a clear weather forecast and rapid seeding ahead. Crude oil prices falling below $70 on weaker demand has put bean oil and corn under pressure. Wheat rejected lower prices early on to halt the sharp decline seen in recent weeks and traded notably higher.
Posted 08:33 — Live cattle in June are down $1.35 to $161.55, feed cattle in August are down $2.18 to $224.00, lean hogs in June are up $0.85 Up $90.8, corn is down 2 1/2 cents a bushel in July and soybean meal is down $2.90 in July. The Dow Jones Industrial Average is up 22.87 points. Both the livestock and forage cattle contracts are trading lower as the market takes a bitter dip at the fact that fat cattle traded lower again on Tuesday. Meanwhile, the lean hog complex continues to rally as its market appears to have ample fundamental support from stronger pork cuts and better interest in the cash sector.
(c) Copyright 2023 DTN, LLC. All rights reserved.
Comments are closed.