Wheat Rallies; Corn, Beans Also Stronger
Corn: December corn rose 10 3/4 cents to $6.91 1/2, the contract’s highest closing price since Oct. 13. Corn gapped higher at the start of overnight trading after Russia suspended participation in the Ukraine export agreement, exacerbating concern over tight global grain supplies.
Soybeans: January soybeans rose 19 1/4 cents to $14.19 1/2, the contract’s highest close since Sept. 29. December soymeal rose $2.70 to $428.10, the highest close since Sept. 22. December soyoil gained 142 points to 73.21 cents. Soybeans ended at the highest level in over a month as the soy complex joined a rally in wheat amid escalating concern over global grain and oilseed supplies.
Wheat: December SRW wheat rose 53 cents to $8.82 1/4 and December HRW wheat gained 53 3/4 cents to $9.78 3/4, both the highest settlements since Oct. 13. December spring wheat rose 36 1/4 cents to $9.81 1/4. Wheat soared in the wake of Russia’s weekend announcement it was withdrawing from an agreement enabling grain exports from Ukraine’s Black Sea ports.
Cattle: December live cattle fell 52.5 cents to $152.475, the contract’s lowest close since Oct. 21. January feeder cattle fell 92.5 cents to $179.45, the lowest close since Sept. 20. Live cattle fell for a third consecutive session as the market extended corrective declines from last week.
Hogs: December lean hogs fell $1.175 at $84.925, the contract’s lowest close since Oct. 14. Nearby hogs took followthrough profit-taking pressure amid signs of weakening cash fundamentals. The CME lean hog index fell 38 cents to $93.77 (as of Oct. 27), the third straight daily decline.