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Wheat prices still plunged at close | Monday, September 19, 2022

CBOT wheat closed down 30¢ and KC wheat closed down 28¢. Minneapolis wheat is down 20¢. 

Naomi Blohm with Total Farm Marketing says wheat is under pressure from a strong U.S. dollar, weakness in the stock market, and weak demand for U.S. wheat exports. 

Corn futures ended the day up by nearly a penny and soybeans are up 13¢. 

Livestock October futures are mixed. Live cattle closed up 23¢ and feeder cattle are up $1.05. Lean hogs are down 43¢. 

Crude oil is currently up 66¢. The U.S. dollar is down 2¢. 

The S&P 500 is down two points. The DOW is down 21 points. 

Wheat prices continue to fall: 10:56 a.m. 

At this hour, corn is still down 5¢ and soybeans are now up 5¢. 

Wheat prices are down sharply. CBOT wheat is down 35¢. KC wheat is down 34¢. Minneapolis wheat is down 24¢. 

Live cattle are up 28¢. Feeder cattle are up 95¢. Lean hogs are down 8¢. 

Grains down to start the week: 8:55 a.m. 

Corn is down 5¢. Soybeans are down 3¢. 

Which is down significantly. CBOT wheat is down 23¢. KC wheat is down 22¢. Minneapolis wheat is down 22¢. 

Live cattle are up a quarter. Feeder cattle are up 53¢. Lean hogs are down 78¢.

Outside of the U.S., milling wheat on the MATIF trade is down. On the Dalian exchange in China, corn and No. 1 soybeans are up while No. 2 soybeans are down. 

Crude oil is down $1.87. The U.S. dollar is up 26¢. 

The Dow is down 196 points and the S&P 500 is down 26 points. 

The new USDA Crop Progress Report comes out this afternoon. Al Kluis with Kluis Commodity Advisors says expect corn and soybean conditions to be down slightly. 

Kluis also says he is watching weather in South America. Soybean planting is starting in Brazil and many farmers in central Brazil are waiting for a rain before planting, he says. He also notes that planting is delayed in Argentina due to hot, dry weather. He says so far this growing season, it’s the driest in the last 30 years.

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