Grain prices closed mixed | Friday, August 12, 2022
The WASDE report sparked a lot of volatility in the market today and prices are mixed at the close.
September corn is up 7¢. September soybeans are up 11¢. CBOT wheat is down 6¢. KC wheat is down 2¢. Minneapolis wheat is down 2¢.
Live cattle ended the day 60¢ down. Feeder cattle are down $1.23. Lean hogs are down $1.05.
On Monday the next USDA Crop Progress Report comes out and Cory Bratland with Kluis Commodities say the talk is crop ratings might go down.
"August is a pivotal month for soybean yields," he says. "Bean yields will still be in question as the weather has been mostly favorable during August but it feels like some traders think the bean yields could drop a little too in futures reports."
Prices mixed at midday
At this hour, September corn prices are up 5¢, and September soybeans are up 7¢.
CBOT wheat is down 6¢. KC wheat is up a penny. Minneapolis wheat is down 4¢.
Livestock prices are all down. Live cattle are down 63¢. Feeder cattle are down $1.13. Lean hogs are down 70¢.
The WASDE report released this morning was bullish for corn, decreasing 2022/2023 ending stocks and bearish for soybeans, increasing ending stocks and yield. Projected planted acres were also updated. Corn, soybeans, and wheat were all decreased slightly from the July estimates.
Crude oil is currently down $2.30. The DOW is up 275 points.
Grain prices start the day down: 8:45 a.m.
September corn futures are down 2¢ this morning while September soybean futures are down 10¢. August soybean futures are down 23¢ and the August contract ends today.
CBOT wheat is down 9¢. KC wheat is down 10¢. Minneapolis wheat is down 14¢.
Livestock futures are mixed. Lean hogs are down 35¢. Feeder cattle are up 23¢. Live cattle are down 8¢.
Experts at Kluis Commodity Advisors say traders are expecting to see declines in crop ratings next Monday afternoon, considering the weather this week.
They also say typical price action for corn and soybeans in the last half of August favors the bears, but this year they are concerned about the late-season weather because planting was delayed this spring.
The USDA WASDE report comes out this morning. Traders are keeping an eye on yield changes as well as changes to projected planted acres.