Winter Wheat Climbs Near Three-Month High
Corn: December corn rose 2 3/4 cents to $6.88 1/4. Corn posted modest gains with support from continued strength in wheat markets and ongoing concern over supply disruptions in the Black Sea region. A reduced outlook for Argentina’s corn crop also supported prices.
Soybeans: November soybeans fell 4 1/4 cents to $14.57. December soymeal fell $9.90 to $428.90 after earlier hitting a contract high at $443.80. December soyoil rose 146 points to 66.46 cents. Soybean futures fell a second day on a combination of disappointing export numbers, a stronger South American crop outlook and a sharp downturn in soymeal.
Wheat: December SRW wheat rose 7 cents to $9.10 3/4, the contract’s highest close since June 29. December HRW wheat gained 12 1/2 cents to $9.79 1/2. December spring wheat rose 13 1/2 cents to $9.77 3/4. Winter wheat climbed to the highest levels in nearly three months as concerns over Ukraine disruptions offset disappointing export sales and a jump in the U.S. dollar index to a 20-year high.
Cattle: October live cattle fell $1.025 to $144.85, the contract’s lowest closing price since Sept. 14, while October feeder cattle tumbled $1.25 to $177.975. Recent weakness in wholesale beef prices and concerns over a potential global recession weighed on cattle futures.
Hogs: October lean hogs fell 30 cents to $94.125, the contract’s lowest closing price since Sept. 12. Lean hogs fell to the lowest levels in over a week on followthrough pressure from Wednesday’s lackluster close and tumbling wholesale pork prices.