Wheat prices take a dive | Monday, October 3, 2022
At the close CBOT wheat prices are down 9¢ after reaching a three-month high last Friday.
Naomi Blohm with Total Farm Marketing attributes the fall to a "lack of news to justify a price close above the 100 and 200-day moving average resistance levels, and prices correcting after Friday’s big move higher."
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KC wheat is down 3¢. Minneapolis wheat is down 2¢.
Corn finished the day up 3¢ and soybeans are up 10¢.
Live cattle are up 98¢. Feeder cattle are up $1.43. Lean hogs are up $1.50.
The S&P 500 is up over 100 points. The Dow is up 832 points.
Prices mixed at midday: 10:55 a.m.
At this hour, corn futures are down 2¢ while soybeans are up 6¢.
Wheat prices have retreated. CBOT wheat is currently down 7¢. KC wheat is down 2¢. Minneapolis wheat is flat.
Soybean meal prices are down to major support, says Kluis Commodity Advisors. They advise now is a good time for livestock producers to buy.
Live cattle are up 85¢. Feeder cattle are up 63¢. Lean hogs are up 95¢.
Grains start day up: 8:55 a.m.
This morning corn is up 4¢ to $6.81 and soybeans are up 2¢ to $13.63. Soybean prices have not been this low since July.
CBOT wheat is up 8¢. KC wheat is up 11¢. Minneapolis wheat is up 9¢.
On Friday USDA released the quarterly grain stocks report. The report was bullish for corn and wheat and bearish for soybeans.
In the case of wheat, escalating conflict in Ukraine is also a bullish factor, according to Blohm.
December live cattle are up $1.10. November feeder cattle are up $1.30. December lean hogs are up 65¢.
The S&P 500 is currently up 28 points. The Dow is up 291 points. The U.S. Dollar Index is up to 112.250.