Soybeans make big leap before end of day | Friday, August 26, 2022
September soybeans settled the day up 57¢, and November soybeans are up 33¢.
Corn is up a few more cents since midday. September corn settled at $6.70, and December corn is at $6.65.
CBOT and KC wheat are only a penny up from their midday price, and Minneapolis is a penny down from the midday price.
Livestock closed down today.
Naomi Blohm with Total Farm Marketing says if the Federal Reserve raises interest rates as it indicated it would today, it will likely impact new demand for commodities, but with the world already looking at shorter supplies, it likely won't impact regular demand.
Going into next week, be aware the USDA Crop Progress report comes out on Monday. Bob Linneman with Kluis Commodity Advisors says next week's report may be the last one of the season traders give much weight as crop conditions are expected to slowly decline from here on out.
Prices inch upward: 11:03 a.m.
At midday, grain prices continue up. September corn is up 11¢, and December corn is up 13¢. September soybeans are up 36¢, and November soybeans are up 24¢.
CBOT wheat is up 19¢. KC wheat is up 19¢. Minneapolis wheat is up 13¢.
Live cattle are down 23¢. Feeder cattle are down $1.55. Lean hogs are down 23¢.
This morning Federal Reserve Chair Jerome Powell gave his anticipated speech at the Federal Reserve's annual Jackson Hole Economic Symposium. He made it clear the Federal Reserve will continue to raise interest rates in an effort to reign in inflation.
"These are the unfortunate costs of reducing inflation," he says in his speech. "But a failure to restore price stability would mean far greater pain."
Grain prices start day up: 9:30 a.m.
September corn futures are up 10¢ while December futures are up 9¢. September soybeans are up 34¢, and November soybeans are up 25¢.
CBOT wheat is up 13¢. KC wheat is up 11¢. Minneapolis wheat is up 11¢.
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Live cattle are up this morning while feeder cattle and lean hogs are down.
A well-known crop tour wrapped up and is expected to deliver final yield numbers today. Bob Linneman with Kluis Commodity Advisors says several states are expected to have lower yields than last year.
Outside of the U.S., milling wheat on the MATIF trade is up. Corn and No. 1 soybeans on the Dalian trade are down while No. 2 soybeans are up.
The situation in Ukraine heated up yesterday as the Zaporizhzhia nuclear power plant disconnected from Ukraine’s grid for the first time in its history due to nearby fires. It has since been re-connected. A team from the U.N.'s International Atomic Energy Agency is expected to visit the Russian-occupied Zaporizhzhia nuclear plant in Ukraine soon, but more shelling was reported in the area overnight. Naomi Blohm with Total Farm Marketing emphasizes that if a meltdown occurs at this plant, it will have a serious impact on the market.
Crude oil is currently up 17¢. The U.S. dollar is down 60¢. The S&P 500 is down 12 points, and the Dow is down 73 points.