Grain, Soybean Futures Under Pressure

grains recap
grains recap
(Commodity Update)

Corn: July corn fell 1 cent to $7.68 1/4, while December corn fell 1/4 cent to $7.21 1/4. Corn futures posted mild declines as a slumping U.S. stock market weighed on commodities, but extreme heat in the Midwest this week combined with a slight crop ratings decline may limit corn price weakness.

Soybeans: July soybeans fell 9 cents to $16.98 1/2, the contract’s lowest closing price since June 3, while November futures fell 8 1/2 cents to $15.25 1/4. July soymeal sank $4.10 to $411.00 and July soyoil fell 123 points to 78.28 cents. USDA’s initial soybean ratings of the season had 70% of the crop at “good” or “excellent,” meeting trade expectations, while the crop was 88% planted as of Sunday.

Wheat: July SRW wheat fell 20 3/4 cents to $10.50 1/4, the contract’s lowest closing price since June 3. July HRW wheat fell 19 1/2 cents to $11.42 1/4. July spring wheat fell 13 1/4 cents to $12.08 1/2. Winter wheat futures fell amid accelerating harvest pressure, dollar strength and escalating recession worries.

Cattle: August live cattle rose 20 cents to $134.075. August feeders slipped 2.5 cents to $171.30. Live cattle posted a modest corrective bounce from Monday’s sharp declines but may face limited upside potential amid expectations for weaker cash and concerns a potential recession will hurt beef demand.

Hogs: June lean hogs expired today at $108.45, up 45 cents. July hogs fell 5 cents to $106.625. Hog futures ended mostly lower amid ideas the cash market has put in a seasonal top. While the CME lean hog index for Wednesday (as of June 13) is projected to rise 73 cents to $108.13, pork cutout values sank $2.23 early today to $109.15.

 

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 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 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)
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.