New-Crop Soybeans Extend Rally

Grains recap
Grains recap
(Commodity Update)

Corn: December corn fell 5 1/2 cents to $6.53 3/4. New-crop contracts slipped ahead of USDA’s Acreage and quarterly Grain Stocks reports tomorrow. USDA’s is expected to raise its forecast for U.S. corn plantings by about 370,000 acres, to 89.86 million, based on a Reuters survey of analysts. June 1 corn stocks were expected at 4.343 billion bu., up 232 million bu. from a year earlier.

Soybeans: November soybeans rose 15 3/4 cents to $14.78 1/4, the contract’s highest closing price since $15.10 1/2 on June 21. August soymeal rose $9.60 to $429.30, a two-month closing high. August soyoil rose 50 points to 69.50 cents. USDA is expected lower its estimate for 2022 U.S. soybean plantings to about 90.45 million ac., down 509,000 acres from a March forecast.

Wheat: September SRW wheat fell 6 cents to $9.30 and September HRW wheat rose 1 cent at $9.91 1/4. September spring wheat tumbled 12 1/4 cents to $10.28 1/2. Analysts expect USDA to lower its forecast for U.S. all wheat seedings to 47.017 million ac. from 47.351 million ac. in its March forecast.

Cattle: August live cattle sank 55 cents to $132.175, the contract’s lowest closing price since May 31, while August feeder futures sagged $1.10 to $170.725. Cattle took further pressure as weakness in wholesale beef prices and slumping U.S. stocks fueled concern over demand

Hogs: August lean hogs fell 25 cents to $103.575. Hog futures continued to slip amid ideas the cash market is near a peak. The next CME lean hog index quote is expected to fall 40 cents to $111.24, down from a 10-month high.

 

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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.