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Grains end day on upswing | Friday, September 2, 2022

December corn futures closed up 6¢. November soybeans closed up 25¢. 

CBOT wheat closed up 15¢. KC wheat is up 8¢. Minneapolis wheat is up 3¢. 

Livestock are mixed. Live cattle are up $1.75. Feeder cattle are up 60¢. Lean hogs are down $1.93. 

Al Kluis with Kluis Commodity Advisors credits today's upswing in the grain markets to improvement in the macro markets which were under pressure earlier this week. 

Markets are closed Monday for the holiday. 

Grains continue climb: 11:13 a.m.

At this hour, corn is up 9¢, and soybeans are up 23¢. 

CBOT wheat is up 15¢. KC wheat is up 13¢. Minneapolis wheat is up 12¢. 

Live cattle are up $1.60. Feeder cattle are up 8¢. Lean hogs are down $1.60. 

Markets on the rise this morning: 9:19 a.m. 

December corn is up 7¢. November soybeans are up 21¢. 

CBOT wheat is up 14¢. KC wheat is up 12¢. Minneapolis wheat is up 13¢. 

Live cattle are up 20¢. Feeder cattle are down 70¢. Lean hogs are down 50¢. 

This morning the U.S. Bureau of Labor Statistics released the August jobs report. The U.S. added 315,000 jobs in August, down from the 526,000 in July and below the three-month average. Unemployment rose to 3.7%, up from the 50-year low of 3.5% in July. Naomi Blohm with Total Farm Marketing suspects this increase is due to more Americans reentering the labor market and looking for jobs. 

After hitting a 20-year high earlier this week, the U.S. dollar is down 46¢ this morning. The S&P 500 is up 22 points. The Dow is up 117 points.

In global news, this morning the G7 countries agreed to a price cap for Russian crude oil. Russia has responded by saying it will refuse to sell to countries that support the cap. 

The U.S. Secretary of Treasury Janet Yellen called the cap a "critical step forward in achieving our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine.”

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