Corn closes at lowest price since August | Thursday, November 10, 2022
Soybeans ended the week down 30¢ to $14.22. Corn is down 11¢ to $6.53, the lowest it has been since August 25.
Nick Tsiolis, founder of Farmer's Keeper, says it will be key to watch if corn falls below $6.50.
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"If it holds above that, then it shows buyers are still willing to pay these prices," he says. "If it falls below, that's a big hit showing prices are really falling."
Al Kluis with Kluis Commodity Advisors says prices are down upon news of improved weather in South America.
Tsiolis says news that a rail strike is being avoided is impacting prices as well.
CBOT wheat is down 4¢. KC wheat is down 7¢. Minneapolis wheat is down 7¢.
Live cattle are up $1.30. Lean hogs are down 40¢. Feeder cattle are up $1.95.
The S&P 500 is up 180 points. The Dow is up 1,061 points.
Note: No market updates tomorrow as the Successful Farming office is closed in honor of Veterans Day
Grain prices down, equities up at midday: 11:32 a.m.
Corn futures are currently down 5¢. Soybeans are down 19¢.
CBOT wheat is up a penny. KC wheat is down a penny. Minneapolis wheat is down 4¢.
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Live cattle are up 73¢. Lean hogs are down 30¢. Feeder cattle are up $1.10.
Today's Consumer Price Index reported inflation fell to 7.7% in October. This is the fourth month inflation has fallen after peaking at 9.1% in June.
Naomi Blohm with Total Farm Marketing says this has the stock market on the rise.
Currently, the S&P 500 is up 171 points. The Dow is up 925 points.
She says this is also why the U.S. Dollar Index is down so low at 108.3.
Soybeans open day down 13¢: 9:06 a.m.
To start the day, corn is down 5¢ and soybeans are down 13¢.
Yesterday wheat fell to the lowest price it has been since early September and it is still hovering near there.
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Currently CBOT wheat is up slightly at $8.07. KC wheat is down 3¢. Minneapolis wheat is down less than a penny.
Live cattle are flat this morning. Lean hogs are down 85¢. Feeder cattle are up 93¢.
The USDA weekly exports report came out this morning. Corn came in at 265,300 metric tons, below expectations according to Kluis. He says the expected range was between 300,000 metric tons and 650,000 metric tons.
Soybean exports were within the expected range at 794,800 metric tons.
Crude oil is down this morning to $85.5 a barrel.
The U.S. Dollar Index is down to 108.3, the lowest it has been since mid-September.