SRW Wheat Futures Sink Near 3-Month Low

grains recap
grains recap
(Commodity Update)

Corn: December corn fell 8 1/4 cents to $6.59 1/2, while March corn fell 6 1/2 cents to $6.63 1/2, a one-week low. Corn futures came under pressure overnight as the U.S. dollar strengthened sharply and rising Covid cases in China stoked concern over demand.

Soybeans: January soybeans rose 8 1/2 cents to $14.36 3/4, after dropping as low as $14.17 3/4 earlier today. January soymeal rose $1.90 to $408.00. January soyoil rose 12 points to 70.73 cents. Soybeans erased overnight declines to end higher as firm demand fundamentals and continued dryness in Argentina encouraged buyers.

Wheat: March SRW wheat fell 3 3/4 cents to $8.18 1/4, the lowest close since Sept. 1. March HRW wheat fell 1 cent to $9.22 3/4. March spring wheat fell 5 cents to $9.53 3/4. Winter wheat futures extended last week’s slide as a surging dollar fueled pessimism over export demand. Late today, USDA reported 32% of the U.S. winter wheat crop in “good” or “excellent” condition as of Sunday, unchanged from a week earlier and one percentage point below analysts' expectations.

Cattle: February live cattle rose 87.5 cents to $156.725, the contract’s highest close since Oct. 27. January feeder cattle rose $1.85 to $182.625, the highest close since Sept. 20. Live cattle extended last week’s gains as bullish USDA feedlot data underscored a tight supply and firm cash outlook.

Hogs: February lean hogs rose $60 cents to $90.15. February lean hogs were supported by chart-based buying and spillover strength from the cattle market. Cash fundamentals remained soft. The CME lean hog index fell 37 cents to $87.77 (as of Nov. 17), the lowest level since February.

 

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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.