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Corn and soybeans close down | Wednesday, September 14, 2022

Corn ended the day down 10¢ at $6.82 and soybeans are down 21¢ to $14.58.

The closing soybean price today is still more than 30¢ higher then where soybeans were just before USDA WASDE report came out on Monday. 

Wheat closed up today. CBOT wheat is up 12¢. KC is up 14¢. Minneapolis wheat is up 7¢. 

There have been many reports today on the risk of rail shipment shutdowns amidst railway union negotiations. Al Kluis with Kluis Commodity Advisors say this is a short term bearish factor for grains on the eve of harvest. Rail companies have until midnight Thursday to reach an agreement with unions to avoid shutdowns. 

Livestock closed mixed with feeder cattle up and live cattle and lean hogs down. 

Soybeans falling at midday: 11:15 a.m. 

At this hour corn is down 8¢ and soybeans are down 24¢. 

Wheat is up. CBOT is up 3¢. KC is up 10¢. Minneapolis wheat is up 7¢. 

Livestock are currently mixed. Live cattle are down 35¢. Feeder cattle are up 85¢. Lean hogs are down 53¢. 

The U.S. dollar is down 31¢. Crude oil is up $2.22. 

Grains start day lower: 9:08 a.m. 

December corn futures are down 6¢ to $6.86. November soybean futures are down about a penny to $14.78. 

CBOT wheat is down 6¢. KC wheat is down 2¢. Minneapolis wheat is down 2¢. 

Naomi Blohm with Total Farm Marketing says Monday's WASDE report creates a bullish environment on the supply side of the equation for the next year. However, she says the world will find ways to decrease demand. 

Live cattle are down 5¢. Feeder cattle are up 45¢. Lean hogs are down 18¢. 

The U.S. dollar is down 30¢. The S&P 500 is up 5 points. The DOW is up 70 points. Crude oil is up $1.45. 

The latest Consumer Price Index numbers came out yesterday and found prices are 8.3% higher than they were a year ago. Blohm says traders are now anticipating as much as a 1 percentage point increase in interest rates at the Federal Reserve's next meeting. 

"Even those predicting a third consecutive 0.75-percentage-point increase appeared to calculate that the economy and riskier assets may not hold up as rates continue to rise," she says. "That led traders on Tuesday to dump stocks across all sectors, sell bonds and cryptocurrencies, and push the U.S. dollar higher."

Outside of the U.S., milling wheat on the European MATIF trade is down. On the Chinese Dalian trade, corn and soybeans are up. 

Blohm says the Biden administration is considering sanctions against China for stealing technology, human rights violations, and tension over Taiwan. She says if talk of sanctions gets too loud, it could have a short-term impact on soybean prices.

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