Not long past 9 a.m. CT, December corn was down 4¢ at $4.31¼ per bushel.
January soybeans were down 17¾¢ at $11.16½ per bushel.
December CBOT wheat was down 13¢ at $5.41¾ per bushel. December KC wheat was down 11½¢ at $5.28½ per bushel. December Minneapolis wheat was down a penny at $5.55¼.
“Headlines continue to set the tone in both the grains and proteins,” said Arlan Suderman, chief commodities economist at StoneX, noting gains that resulted from news yesterday of China reducing tariffs on agricultural products “are becoming today’s losses — at least to start the day — on the realization that U.S. commodities still have significant obstacles to overcome before seeing any meaningful demand go into China.”
He continued: “We’ve seen some cargoes of soybeans and soft wheat sold to China, but not yet enough to make a substantial difference, and the deal still hasn’t been signed. Farmers are nervous, and they’re selling incrementally into the recent rally, also creating challenges to sustaining this upward price move. It doesn’t mean that all is lost on the demand side, but it does mean that the market finds itself searching for the next headline to sustain the move.”
As of 9:12 a.m. CT, January feeder cattle were down $5.58 at $314.40 per hundredweight (cwt). December live cattle were down $1.93 at $218.60 per cwt. December lean hogs were down 48¢ at $80.13 per cwt.
December crude oil was down 46¢ at $59.14 per barrel.
The U.S. Dollar Index December contract was down to 99.78.
As of 9:08 a.m. CT, the S&P 500 Index was down 40.99 points, and the Dow Jones Industrial Average was down 287.28 points.
Published: 9:54 a.m. CT
