Corn ended the day up 2¢ and is up week-over-week by about 17¢.
Soybeans closed at $14.76 a bushel. The last time May soybeans closed below this price was last December.
CBOT wheat closed up 10¢. KC what is up 14¢. Minneapolis wheat is up 12¢.
Live cattle and lean hogs are down 40¢. Feeder cattle are down 28¢.
Crude oil is still under pressure and is down $1.68.
The U.S. Dollar Index June futures are at 103.44.
S&P 500 futures are down 56 points. Dow futures are down 493 points.
Soybeans at lowest price since January: 11:29 a.m. CST
At midday corn is up a penny while soybeans are down 17¢.
May soybeans are currently trading for $14.75. The last time soybeans were this low was January.
CBOT wheat is up 6¢. KC wheat is up 15¢. Minneapolis wheat is up 11¢.
Live cattle are down 65¢. Lean hogs are down $1.35. Feeder cattle are down 15¢.
Crude oil is down $1.41.
The U.S. Dollar Index is at 103.63.
S&P 500 futures are down 44 points. Dow futures are down 365 points.
Soybeans down 10¢: 9:24 a.m. CST
This morning corn is up 3¢ while soybeans are down 10¢.
CBOT wheat is up 8¢. KC wheat is up 12¢. Minneapolis wheat is up 8¢.
Live cattle are down 48¢. Lean hogs are down $1.48. Feeder cattle are down 55¢.
USDA announced another corn sale this morning. China is purchasing 191,000 metric tons for the 2022/2023 marketing year. This is the fourth day in a row USDA has announced corn sales to China.
“Corn futures trading lower yesterday and then closing higher is a good sign for the bull camp,” says Bob Linnman, commodities broker with Kluis Commodity Advisors. “However, the lack of big money flow into the corn market after a monster cumulative corn sale to China is a concern. The headline from yesterday (China is suspected of buying 1.5 million metric tons of Brazilian second-crop corn) likely took much of the wind out of the sails for the bulls.”
Crude oil is down $1.36. Linneman says crude oil has slid nearly $12 this week from the high on Monday to the low on Wednesday.
“Grain traders would like to see crude oil start to move higher, or we will start to hear more about how a bigger decline in crude oil will impact ethanol,” he says.
S&P 500 futures are down 19 points. Dow futures are down 257 points.
