Wheat Futures End Higher; Soybeans Near 3-Week Low

grains recap
grains recap
(Commodity Update)

Corn: December corn futures rose 1 1/4 cents to $6.67 1/2, near the bottom of today’s range. Corn posted a modest corrective recovery from Monday’s sharp declines behind support from higher crude oil prices and slower-than-expected harvest.

Soybeans: November soybeans fell 3 1/4 cents to $14.08, the contract’s lowest close since Sept. 8. December soymeal dropped $3.90 to $413.60. December soyoil fell 7 points at 62.39 cents. Concern over a global recession and a general risk-off mindset in financial markets continued to weigh on the soy complex.

Wheat: December SRW wheat rose 13 1/2 cents to $8.71 1/2, while December HRW rose 13 3/4 cents to $9.43 1/4. December spring wheat rose 12 cents to $9.43 1/4. Winter wheat futures rose for the first time in three sessions on short covering and corrective buying following Monday’s declines.

Cattle: December live cattle fell 45 cents to $146.90, the contract’s lowest close since July 21. November feeder cattle dropped 77.5 cents to $176.275. Cash market fundamentals appear to be weakening, with steady to lower cash trade likely later this week.

Hogs: December lean hogs fell $3.15 to $76.25, the lowest close since December 2021. Hog futures tumbled a fifth straight day to a nine-month low amid collapsing technicals and an eroding cash market. The CME lean hog index fell 60 cents to $96.99, the lowest since mid-February, and is expected to drop another 60 cents Wednesday.

 

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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.