Grains Close in the Red

December corn ended the day down 5½¢ at $4.22¼ per bushel.

November soybeans closed down 9¾¢ at $10.26 per bushel.

September CBOT wheat ended the day down 4¢ at $5.42¼ per bushel. September KC wheat closed down 3¼¢ at $5.25¾ per bushel. September Minneapolis wheat was down 9¢ at $5.86½. 

“Corn, soybeans, and wheat were under pressure to start the week’s trade as profits were taken on last Friday’s rally,” said Karl Setzer, partner at Consus Ag Consulting. “Futures posted gains last Friday as weather premium was added to the market ahead of the weekend. Rains moved through some of the driest regions of the Corn Belt over the past 48 hours, generating liquidation. Long-range models indicate a return of heat though, keeping selling limited.”

October live cattle closed up $1.80 at $221.63 per hundredweight (cwt). August feeder cattle were up $3.60 at $327.60 per cwt. October lean hogs were up 35¢ at $90.98 per cwt.

Not long after 2 p.m. CT, September crude oil was down 25¢ at $65.80 per barrel.

The S&P 500 Index was up 25.72 points and the Dow Jones Industrial Average was up 129.03 points. 

Published: 2:25 p.m. CT

Grains in the Red This Morning: 9:28 a.m. CT

As of 9:02 a.m. CT, December corn was down 6½¢ at $4.21¼ per bushel.

November soybeans were down 11¾¢ at $10.24 per bushel.

September CBOT wheat was down 2¢ at $5.44¼ per bushel. September KC wheat was down 2½¢ at $5.26½ per bushel. September Minneapolis wheat was down less than a penny at $5.95. 

“I think that funds may start to buy back some of their huge short positions in the corn market if December corn closes above the 50-day moving average at $4.35,” said Al Kluis, managing director of Kluis Commodity Advisors. “I will study corn open interest reports each day this week. The fund short covering rallies usually last three to five days.” 

As of 9:03 a.m. CT, October live cattle were up 43¢ at $220.25 per hundredweight (cwt). August feeder cattle were up 55¢ at $324.55 per cwt. October lean hogs were down $1.03 at $89.60 per cwt.

September crude oil was down 57¢ at $65.48 per barrel.

The U.S. Dollar Index September contract was down to 97.73.

Ahead of 9 a.m. CT, the S&P 500 Index was up 29.09 points and the Dow Jones Industrial Average was up 131.99 points. 

Published: 9:28 a.m. CT