Corn Ends Near Eight Week High
Corn: December corn rose 14 1/2 cents to $6.42 1/4, up 32 1/4 cents for the week and the contract’s highest closing price since $6.53 3/4 on June 20. USDA lowered its forecast for the U.S. corn crop more than expected, indicating extreme heat and dryness in the Midwest this summer crimped yield potential. In its Crop Production report today, USDA pegged the 2022 crop at 14.359 billion bu., about 33 million bu. under expectations and down 146 million bu. from its July estimate.
Soybeans: November soybeans rose 5 3/4 cents to $14.54 1/4, up 45 1/2 cents for the week and the highest close since July 29. September soymeal rose $8.20 to $465.70, a lifetime-high close. September soyoil rose 23 points to 69.53 cents. USDA unexpectedly hiked its U.S. crop estimate, but soybeans rebounded from an initial drop to end higher. USDA estimated the crop at a record 4.531 billion bu., up 26 million bu. from a July forecast. Analysts expected a cut of about 50 million bu.
Wheat: September SRW wheat fell 4 3/4 cents to $8.06, up 30 1/4 cents for the week. September HRW wheat ended unchanged at $8.89 1/4, up 41 cents for the week. September spring wheat fell 2 1/4 cents to $9.19 1/2. Today’s USDA reports held no big surprises, with the U.S. all-wheat crop estimate increased 2 million bu. from last month to 1.783 billion bu.
Cattle: October live cattle fell 60 cents to $144.50, up 62.5 cents for the week. September feeders fell $1.225 to $183.375. Live cattle remain in a month-long uptrend amid strengthening cash prices and tightening animal supplies. Cash cattle averaged $144.34 the first four days this week, up about $3.50 from last week’s average.
Hogs: October lean hogs fell $1.05 to $100.025, still up $1.625 for the week. Hog futures posted a strong weekly gain behind continued firm cash fundamentals and bullish technicals. The next CME lean hog index is expected to rise 7 cents to $121.93, near a 14-month high posted earlier this week.