Corn up while wheat closes down 13¢ | Thursday, November 17, 2022
Corn finished the day up a penny and soybeans are down 11¢.
CBOT wheat is down 13¢. KC wheat is down 18¢. Minneapolis wheat is down 12¢.
Nick Repke with Kluis Commodity Advisors says news of China's declining economy and COVID lockdowns put downward pressure on grain prices today.
Live cattle are up $1.13. Lean hogs are up 63¢. Feeder cattle are up $2.43.
The U.S. Dollar Index is currently sitting at 106.6.
The S&P 500 is down 23 points. The Dow is down 58 points.
Wheat down 17¢ at midday: 11:10 a.m.
Corn is currently down 7¢ and soybeans are down 16¢.
CBOT wheat is down 17¢. KC wheat is down 20¢. Minneapolis wheat is down 13¢.
Live cattle are up 48¢. Lean hogs are up 88¢. Feeder cattle are up $2.13.
Crude oil is down $3.85.
The S&P 500 is down 26 points. The Dow is down 34 points.
Grain futures down as Black Sea trade agreement is extended: 9 a.m
Corn is down 8¢ and soybeans are down 14¢ this morning.
CBOT wheat is down 11¢. KC wheat is down 4¢. Minneapolis wheat is down 4¢.
Reuters reports the Black Sea grain trade agreement is officially extended for 120 days without changes. However, negotiations continue concerning pipeline shipments of ammonia from Russia to the Black Sea.
Nick Tsiolis with Farmers Keeper says "Russia's cooperation seem[s] to indicate that they're trying to export as much of their fertilizer and record wheat crop as possible."
Live cattle are down 10¢. Lean hogs are down 75¢. Feeder cattle are up 25¢.
The U.S. Dollar Index is up 0.66 points to 106.8 this morning. Naomi Blohm with Total Farm Marketing says this week's lower dollar has boosted exports.
Case in point, today's USDA exports report:
- Wheat: Net sales of 290,300 metric tons
- Corn: Net sales of 1,169,700 metric tons for 2022/2023
- Soybeans: Net sales of 3,030,100 metric tons for 2022/2023, primarily for China with 1,542,400 metric tons
Blohm says now the dollar appears to be having a "mini upward correction."