Soybeans Extend Sharp Slide

grains recap
grains recap
(Commodity Update)

Corn: December corn rose 2 cents to $5.96 1/4 after dropping earlier to $5.87 1/2, the lowest intraday price in over a week. Corn futures fell initially amid forecasts for rain in the Midwest this week and expectations for continued grain shipments out of Ukraine but rebounded behind late bargain-buying.

Soybeans: November soybeans fell 16 3/4 cents to $13.69 3/4, the contract’s lowest closing price since July 25. September soymeal fell $2.80 to $431.40 and September soyoil fell 51 points to 61.82 cents. Soybean futures erased overnight gains and fell a third consecutive session as crude oil tumbled to a six-month low and forecasts promised rain relief for parts of the Midwest.

Wheat: September SRW wheat fell 11 cents to $7.63 3/4, a six-month closing low. September HRW wheat fell 6 3/4 cents to $8.35 1/2. September spring wheat rose 2 cents to $8.75 1/4. Winter wheat extended this week’s sell-off on pressure from weakness in corn and soybean futures and easing supply concerns following the resumption of grain shipments from Ukraine.

Cattle: October live cattle rose $1.825 to $143.95, a three-month closing high. September feeder futures rose $1.45 to $182.90. Cattle futures surged behind signs this week’s cash trade will reverse a four-week slide. Initial cash prices this week were up as much as $3 from last week’s levels.

Hogs: August lean hogs rose $1.15 to $121.00, the highest close for a nearby contract since June 2021. October futures fell 37.5 cents to $95.85. Hogs ended mostly lower amid signs a recent cash market rally is fading. The CME lean hog index fell 30 cents to $121.57 (as of Aug. 1), and tomorrow’s quote is expected to fall another 63 cents.


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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.