Soybean Futures Drop Sharply; Corn & Wheat also Lower

grains recap
grains recap
(Commodity Update)

Corn: December corn fell 1 1/2 cents to $6.65 1/4. Corn fell with soybean and wheat markets amid increasing confidence the Ukraine grain export deal will be extended. Early today, USDA reported a daily corn sale of 1.867 MMT for delivery to Mexico, the fifth largest daily corn sale on record.

Soybeans: January soybeans plunged 28 cents to $14.29 1/4. December soymeal fell $3.30 to $406.60. December soyoil fell 290 points to 74.08 cents. Soybeans tumbled on pressure from weakness in crude oil and a sharp drop in soyoil. Pressure also stemmed from mostly favorable growing conditions in South America.

Wheat: December SRW wheat fell 10 3/4 cents to $8.17 1/2. December HRW wheat lost 7 1/2 cents to $9.55 1/2. December spring wheat fell 8 1/2 cents to $9.65 1/2. SRW wheat futures posted a loss for the first time in four sessions as optimism over an extension of the Ukraine export deal eased concern over tight global supplies.

Cattle: December live cattle rose 52.5 cents to $151.80. January feeders gained 45 cents to $177.475. Live cattle rebounded from Tuesday’s drop to four-week lows amid signs of cash market strength. Futures’ gains suggest accelerating cash activity that could lift prices $1 to $2 over last week’s levels.

Hogs: December lean hogs rose 25 cents to $85.575. Hogs extended sideways trade as eroding cash fundamentals and seasonal weakness tied to rising slaughter weighed on prices. The CME lean hog index fell 16 cents to $88.49, the lowest since mid-February, and Thursday’s reading is expected to fall another 31 cents.


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.