Softer Close to Week

grains recap
grains recap
(Commodity Update)

Corn: The U.S. dollar took back the bulk of Thursday’s sizeable drop on Friday, which, along with a significant setback in the equity indexes, exerted downward pressure upon the corn market to end the week. The stronger greenback likely combined with talk of growing Chinese interest (and activities to facilitate the move) in increasing their imports of Brazilian corn likely weighed on futures.

Soybeans: The soy complex ended the week on a softer tone despite USDA’s lower-than-expected crop projections earlier in the week. Outside markets proved unfriendly as the U.S. dollar made strong gains after inflation increased more than anticipated by 0.4% in September, increasing the likelihood of a continuation of robust rate hikes in November and December.

Wheat: Wheat started the week off strong as geopolitical tensions continued to rise after an explosion affecting a Crimean bridge, connecting Russia and the illegally annexed region in 2014, with Russia responding with an attack on several Ukrainian cities which killed over 100 people. Russia has deemed the bridge attack an act of terror; however, Ukraine hasn’t officially claimed responsibility for the blast

Cattle: Look for sustained cash strength again next week, especially after producers proved able to force cash prices higher this week. The five-area average for Monday-Thursday reached $146.77, up 80 cents from last week. That essentially represented across-the-board gains in the various states/regions covered by the report.

Hogs: Today’s futures price surge that included a technically bullish weekly high close in December futures sets the table for follow-through, chart-based buying early next week. The October lean hog contract expired well above Wednesday’s official CME lean hog index figure at $92.67, and still above Thursday’s preliminary index quote at $93.09, up 42 cents from the day before.


Latest News

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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.