Corn, Soybeans, Wheat Rally

grains recap
grains recap
(Commodity Update)

Corn: December corn futures rose 17 cents to $6.00 3/4, the contract’s highest closing price since $6.10 3/4 on July 18. December futures gapped higher overnight after USDA reported disappointing weekly crop ratings. U.S. corn acres rated “good” or “excellent” fell to 61% as of Sunday from 64% the previous week. Forecasts for another round of extreme Midwest heat next week also supported prices.

Soybeans: November soybeans rallied 37 3/4 cents to $13.83 3/4, the contract’s highest closing price since July 11. August soymeal surged $24.90 to $472.40, a lifetime-high close for the contract. August soyoil rose 41 points to 60.42 cents. Soybean futures gapped higher overnight and closed at the highest levels in over two weeks on lower-than-expected crop ratings and concerns over Midwest heat.

Wheat: September SRW wheat surged 33 3/4 cents to $8.03 3/4. September HRW futures jumped 37 1/4 cents to $8.77. September spring wheat soared 44 3/4 cents to $9.28 3/4. Prices climbed after USDA’s spring wheat crop ratings unexpectedly fell and Russian jets hit Ukraine’s key port city of Odesa with cruise missiles again today and attacked other coastal villages and port facilities.

Cattle: August live cattle fell 87.5 cents to $136.875. August feeder cattle tumbled $1.875 to $177.425. Live cattle futures fell in a corrective setback from Monday’s rally to three-month highs. An outlook for limited beef demand and further weakness in cash prices also weighed on the market.

Hogs: August Lean hogs fell 25 cents to $116.975. Hog futures fell a second consecutive session amid corrective pressure following last week’s rally to three-month highs. But futures remain supported by firm cash fundamentals. The CME lean hog index rose 91 cents to $119.13 (as of July 22), the highest level since June 2021, and is expected to gain another 35 cents tomorrow.


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.