Corn, Soybeans & Wheat Prices Fall; Cattle Mixed

grains recap
grains recap
(Commodity Update)

Corn: March corn futures fell 4 cents at $6.81 1/4 and nearer the session low. Prices hit a nine-week high early on today. Routine profit taking from the shorter-term speculators was featured in corn futures today.

Soybeans: March soybeans fell 15 1/4 cents after reaching a 7-month overnight high, while March meal futures fell $3.10 to $478.10 and March soyoil rose 28 points to 64.12 cents. Soybeans faced corrective selling after reaching over a 7-month high overnight, pulled lower by pressure in the meal market as weather in Argentina is expected to turn a bit more favorable for the next week.

Wheat: March SRW wheat fell 9 1/4 cents to $7.42 1/2. March HRW wheat closed down 14 1/4 cents at $8.41 1/2. Prices closed nearer the session lows today. March spring wheat futures tumbled 15 cents to $9.01. Wheat futures markets are presently in a follower’s mode, and they sold off today when price weakness surfaced in the corn and soybean futures markets.

Cattle: Live cattle futures proved mixed Wednesday, with the nearby February contract sliding 20 cents to $156.80. While the expiring January feeder contract dipped 15 cents to $179.50, most-active March futures rose 42.5 cents to $181.725. It has become increasingly clear that packer cutbacks over the holidays created a backlog of market-ready cattle in feedlots, as indicated by last week’s 7% annual increase in cattle slaughter and the 29,000 head (8.4%) increase seen through the first three days of this week.

Hogs: Hog futures resumed their early-2023 breakdown Wednesday, with the nearby February contract falling $1.125 to $77.325. The CME hog index, which futures cash-settle against, continued its recent drop. Monday’s official quote matched the preliminary figure at $74.18, down 16 cents and Tuesday’s preliminary figure came in 34 cents lower at $73.84.

 

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Today's Market Recap (1.20.23)
Today's Market Recap (1.20.23)

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

Improving Argentine Weather Forecasts Weigh on Grain, Soy
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
Corn, Soybeans & Wheat Prices Fall; Cattle Mixed

Today's closing prices and market recaps.

Morning Calls & Comments (1.13.23)
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.