Grains end week on a low note | Friday, September 23, 2022
Soybeans hit lows they haven't seen since last Monday. They closed down 31¢ at $14.26.
Corn also gave back gains from earlier in the week and closed down 13¢.
CBOT wheat closed down 34¢ at $8.77. KC wheat is down 29¢. Minneapolis wheat is down 28¢.
Live cattle are down 60¢. Feeder cattle are up 38¢. Lean hogs are down $1.50.
Prices still in a slump: 11:25 a.m.
At this hour corn is down 12¢ to $6.76. Soybeans are down 29¢ to $14.28.
CBOT wheat is down 31¢ to $8.80. KC wheat is down 27¢ to $9.52. Minneapolis wheat is down 25¢ to $9.52.
October live cattle are down 60¢. Feeder cattle are up 8¢. Lean hogs are down $1.20.
Crude oil is down $5.35 to $78.13. Naomi Blohm with Total Farm Marketing says crude oil should find support at $75.
The U.S. dollar is up 1.35 points.
Grain prices down sharply: 9:23 a.m.
CBOT wheat has retreated from the multi-month high it achieved yesterday and is currently down 26¢. KC wheat is down 23¢. Minneapolis wheat is down 24¢.
Corn is down 16¢. Soybeans are down 33¢.
Live cattle are down 23¢. Feeder cattle are up 58¢. Lean hogs are down 93¢.
The S&P 500 is down 63 points and the Dow is down 403 points.
Bob Linneman with Kluis Commodity Advisors says there is no shortage of factors weighing on grain prices.
Rising tension between Russia and Ukraine is an ongoing concern. Reuters reports Russia's wheat crop estimate has gone up, but there are also reports Ukraine will plant less winter wheat. The size of supply only matters if it can continue to get out of the ports.
Linneman says now is the time of year traders will start paying more attention to South American weather. Commodity Weather Group reports northern Brazil can expect some moisture soon, but at least half of the Argentine wheat and corn crops remain unfavorably dry.
Linneman also sites the "mostly dry forecast for the U.S. harvest and the looming negative impact of global inflation" as factors weighing on the market.