Winter Wheat Futures Extend Rally
Corn: December corn fell 6 1/2 cents to $6.85 1/2. Corn futures fell on pressure from outside markets as the U.S. dollar surged to a fresh 20-year high in anticipation of a Federal Reserve rate increase today, while crude oil futures fell earlier amid ongoing concerns over a global economic slide.
Soybeans: November soybeans fell 17 1/2 cents to $14.61 1/4. December soymeal fell 60 cents to $438.80. December soyoil fell 91 points to 65.00 cents. Soybeans fell for the first time in three sessions amid corrective selling and increased competition from South American supplies. Argentine farmers continue to offload soy stockpiles following a series of measures aimed at spurring exports.
Wheat: December SRW wheat rose 10 cents to $9.03 3/4, the contract’s lowest close since July 8. December HRW wheat gained 4 cents to $9.67. December spring wheat rose 5 cents to $9.64 1/4. Winter wheat futures settled at 2 1/2-month highs as escalating tensions with Russia fueled concern over potential disruptions to grain supplies from the Black Sea region.
Cattle: October live cattle fell 42.5 cents to $145.875. October feeder futures fell 80 cents to $179.225. Slumping wholesale beef and a surging U.S. dollar weighed on live cattle futures, overshadowing prospects for continued strength in the cash market. Choice cutout values fell $1.57 early today to $250.07, the lowest daily average since April 2021.
Hogs: October lean hogs fell $1.55 to $94.425, while December hogs fell $1.725 to $86.45. Hog futures fell to the lowest levels in over a week as the market extended Tuesday’s weakness on signs of further erosion in cash fundamentals. The CME lean hog index fell 6 cents to $98.36 (as of Sept. 19) and is expected to drop another 40 cents Thursday.