Soybean Futures Extend Sell-Off
Corn: December corn futures fell 12 1/2 cents to $6.58. Corn fell a third straight day amid profit-taking following the early-week rally and pressure from outside markets, including crude oil and equities. New Covid lockdowns in China further fueled concern over the global economy.
Soybeans: November soybeans fell 27 3/4 cents to $13.94 3/4, the contract’s lowest closing price since Aug. 17. October soymeal rose $1.90 to $422.60, while October soyoil plunged 363 points to 65.27 cents. November soybeans fell for the sixth time in the past seven sessions as Covid lockdowns in China and escalating concern over global recession sent crude oil tumbling near seven-month lows.
Wheat: December SRW wheat fell 37 1/4 cents to $7.94 1/4, the contract’s lowest close since Aug. 25. December HRW wheat fell 44 1/2 cents to $8.68. December spring wheat fell 43 cents to $8.86 1/2. Wheat futures dropped sharply in sympathy with declines in corn, soybeans and crude oil, with the U.S. dollar’s surge to a fresh 20-year high further pressuring grain markets.
Cattle: October live cattle rose 22.5 cents to $142.80, while October feeder cattle rose 87.5 cents to $184.35. Live cattle futures rose in a corrective bounce from four-week lows at mid-week, while feeder cattle found support from weakness in corn futures.
Hogs: October lean hogs rose 42.5 cents to $91.95. Hogs posted a corrective bounce but buying interest was limited by ongoing slippage in cash fundamentals. The CME lean hog index fell $1.74 (as of Aug. 30) to $107.62, the lowest since early June, and is expected to drop another $1.36 tomorrow.