Corn Hit Hard by Bearish Elements

corn recap
corn recap
(Commodity Update)

Corn: The corn futures market was hit hard by a bevy of bearish elements today that sent the bulls reeling and gave the speculative bears renewed confidence to try to press prices even lower in the near term. Corn prices early today were already under pressure from a strong U.S. dollar index that again today hit a 20-year high and by Nymex crude oil futures dropping close to $8.00 a barrel.

Soybeans: Pressure from outside markets and pre-report positioning loomed over the soy complex overnight into the open. The Early morning session found the U.S Dollar making a second consecutive attempt at new 20-year highs, while crude oil futures plummeted below $100 per barrel.

Wheat: Overnight trade found the wheat complex trading lower as the U.S. Dollar made a new 20-year high. Continued negativity persisted into the open on pre-report positioning and headlines of a meeting between Turkey, Russia, Ukraine, and U.N. to discuss grain exports.

Cattle: The cash cattle markets started the week on a firm note, with just a few steers, likely in the northern areas, reportedly changing hands at $145.88. That’s well above last week’s five-area average at $144.35.

Hogs:  Seasonally tight supplies still seem to be supporting the cash hog market, as indicated by Friday’s official hog index surge to $111.77 and by Monday’s preliminary index figure at $112.56, up another 79 cents. July futures expires at noon Friday.


Latest News

Grains Try to Recover Midday with Reversal in Outside Markets: Live Cattle Mixed with Bullish Cattle Inventory Expectations

Grains try to recover midday with help from the reversal in outside markets. LC mixed with bullish hopes for the USDA Cattle Inventory Report.  Hogs lower. Scott Varilek of Kooima Kooima Varilek has details.  

Grains Start Higher on Weather Concerns in Argentina and HRW Areas, Then Corn Fails: Cattle Higher with $1 Better Southern Cash Friday

Grains higher early with technical buying and a drier Argentina weather concerns. Cattle higher with $1 higher cash on Friday. Hogs back lower.  Michelle Rook has a quick update.  

Today's Market Recap (1.20.23)

Market recaps for corn, soybeans, wheat, cattle & hogs.

Improving Argentine Weather Forecasts Weigh on Grain, Soy

Forecasts of improving weather in Argentina over the next two weeks weighed on the grain and soy complex.

Corn, Soybeans & Wheat Prices Fall; Cattle Mixed

Today's closing prices and market recaps.

Morning Calls & Comments (1.13.23)

Soybeans faced light profit-taking pressure at the end of the overnight session, which is likely to spill over into the start of daytime trade.