Tough Day for Grain Prices
Corn: July corn futures fell 19 1/4 cents to $7.81 1/2, while December futures fell 20 1/2 cents to $7.40 1/4. Corn futures fell sharply as spillover from a selloff in the wheat market and prospects for a resumption of grain shipments out of Ukraine sparked active profit-taking. Recession concerns also burdened commodity markets.
Soybeans: July soybeans fell 15 1/4 cents to $16.62 3/4. July soybean meal rose $2.20 to $414.00. July soyoil fell 294 points to 80.55 cents. Soybean futures took spillover pressure from sharp losses in grain and crude oil markets, overshadowing fresh export business reported by USDA.
Wheat: July SRW wheat fell 46 3/4 cents to $12.30 3/4. July HRW wheat fell 43 1/4 cents to $13.24 1/2. July spring wheat fell 40 3/4 cents to $13.52 3/4. Heavy profit taking burdened wheat futures following the market’s rally to contract highs Tuesday. Selling pressure was also tied to reports grain shipments from Ukraine may resume contributed to selling pressure and prospects for larger production in Russia.
Cattle: June live cattle fell $1.50 to $131.50, the contract’s lowest closing price since Oct. 22, while August feeder futures dropped 97.5 cents to $165.80. Nearby live cattle hit a seven-month low on broader commodity weakness and concern a potential recession would hurt beef demand. Softer cash prices also weighed on futures.
Hogs: June lean hogs rose 95 cents to $106.10, the highest close since May 5. June lean hogs rose a the fourth consecutive day as the market extended a corrective recovery from last week’s tumble to four-month lows. Pork cutout values rose $3.07 early today to $105.18, near a two-week high.