Stock Market Rattles Commodity Sector

grains recap
grains recap
(Commodity Update)

Corn: July corn futures fell 4 cents to $7.69 1/4 and December corn fell 1 cent to $7.21 1/2. Corn took heavy spillover from the soy complex and a tumbling stock market, but extreme heat expected across the Midwest this week likely limited selling interest. USDA later today is expected to report the U.S. corn crop at 73% in either “good” or “excellent” condition as of Sunday, unchanged from a week earlier, based on a Reuters survey of analysts.

Soybeans: July soybeans fell 38 cents to $17.07 1/2, while November futures tumbled 34 1/2 cents $15.33 3/4. July soymeal fell $14 to $415.10 per ton and July soyoil fell 130 points to 79.51 cents per pound, near a two-week low. The soy complex joined a broad commodity selloff fueled by sharp declines in U.S. equities. USDA, in its initial soybean ratings of the season, is expected to report the crop at a strong 70% in good-to-excellent condition.

Wheat: July SRW wheat rose 1/4 cent to $10.71. July HRW wheat fell 3/4 cent to $11.61 3/4. July spring wheat rose 1/4 cent to $12.21 3/4. Wheat futures were pressured by broad-based selling across commodities today but held up relatively well. USDA is expected to report spring wheat planting at 90% complete as of Sunday, compared to 82% last week.

Cattle: August live cattle fell $2.325 to $133.875. August feeders dropped $3.15 to $171.325. Weak outside markets weighed heavily on cattle futures, which, along with a weak start for wholesale beef trade this morning, likely points to lower cash cattle prices for the week.

Hogs: July lean hogs rose $1.20 to $106.675. Hog futures shrugged off weakness in cattle and grain markets, supported by cash market strength and signs of solid demand. Today’s CME lean hog index fell 12 cents to $107.19 but is projected to rise 21 cents tomorrow to $107.40 (as of June 10).

 

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 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 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)
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.