Corn Closes Higher for Second Consecutive Week

December corn ended the day up 10¼¢ at $4.20¼ per bushel. For the week, the contract closed up 8¾¢. This was the second consecutive week December corn closed higher.

November soybeans closed up 6½¢ at $10.54½ per bushel. Week-over-week, the contract closed down 4¢.

December CBOT wheat ended the day up 5¼¢ at $5.34¼ per bushel. December KC wheat closed up 4¢ at $5.19¾ per bushel. December Minneapolis wheat was up 2¾¢ at $5.80. For the week, the contracts closed mixed, with CBOT wheat higher, and KC and Minneapolis wheat lower.

October livestock ended the day higher. Live cattle were up $2.73 at $239.65 per hundredweight (cwt). Feeder cattle were up $2.95 at $364.48 per cwt. Lean hogs were up 75¢ at $95.03 per cwt.

As of 3:33 p.m. CT, October crude oil was down 62¢ at $63.98 per barrel.

As of 3:20 p.m. CT, the S&P 500 Index was down 41.60 points, and the Dow Jones Industrial Average was down 92.02 points. 

NOTE: Grain and livestock markets are closed Monday in honor of Labor Day.

Published: 4:17 p.m. CT

Corn Higher This Morning: 9:40 a.m. CT

A little after 9 a.m. CT, December corn was up 2¾¢ at $4.12¾ per bushel.

November soybeans were down 1¼¢ at $10.46¾ per bushel.

December CBOT wheat was up less than a penny at $5.29¼ per bushel. December KC wheat was down less than a penny at $5.15¼ per bushel. December Minneapolis wheat was down a penny at $5.76¼.

This morning, Arlan Suderman, chief commodities economist at StoneX, said in his recent conversations with farmers: “the sense was that we’ve pulled back from a phenomenal crop to ‘just’ a big crop. However much yields pull back, this year’s crops are still expected to be big. Storage will be a problem for the cash market to work through, especially in the western Midwest in the absence of a rail bid to ship soybeans to the Pacific Northwest for shipment to China.

“Futures traders are moving past the crop size debate to focusing on demand. Fund managers believe that farmers will be forced to sell bushels at harvest that will let them out of their speculative short positions. Corn export demand remains strong, while soybean export demand continues to falter in the absence of Chinese buying. Biofuel demand should be good for soybeans, but not enough to offset lost Chinese business if China remains absent.”

As of 9:04 a.m. CT, October livestock were mixed. Live cattle were up 95¢ at $237.88 per hundredweight (cwt). Feeder cattle were down 10¢ at $361.43 per cwt. Lean hogs were up 25¢ at $94.53 per cwt.

October crude oil was down 18¢ at $64.42 per barrel.

The U.S. Dollar Index September contract was up to 97.91.

As of 9:12 a.m. CT, the S&P 500 Index was down 49.63 points, and the Dow Jones Industrial Average was down 223.08 points. 

Published: 9:40 a.m. CT