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Wheat closes at lowest price since February | Friday, December 2, 2022

Corn ended the day down 14¢ to $6.46. The last time corn fell below $6.50 was late August. 

CBOT wheat closed down 23¢ to $7.60. The last time Chicago wheat was near $7.60 was late August. The last time it fell below $7.60 was early February. 

KC wheat is down 19¢ to $8.71. Minneapolis wheat is down 17¢ to $9.21. 

Soybeans ended the day up 11¢ at $14.40. 

Live cattle are up 38¢. Lean hogs are up $1.23. Feeder cattle are up $1.35. 

Crude oil is down $1.04. 

The U.S. Dollar Index is at 104.3. 

Corn and wheat falling while soybeans climb: 11:22 a.m. 

Corn is currently down 10¢. Soybeans are up 8¢. 

CBOT wheat is down 18¢. KC wheat is down 19¢. Minneapolis wheat is down 14¢. 

Live cattle are up 72¢. Lean hogs are up 40¢. Feeder cattle are up $1.38. 

This morning, President Joe Biden signed legislation to avoid a railroad worker strike on Dec. 9. Biden made remarks prior to signing the bill highlighting the economic havoc a strike would have caused throughout the nation. 

"Thanks to the bill Congress passed, and one I'm about to sign, we've spared the country that catastrophe," says Biden. 

The S&P 500 is currently down 21 points. The Dow is down 63 points. 

Soybeans open up 4¢: 8:54 a.m. 

This morning, corn is down 4¢ while soybeans are up 4¢ to $14.34. 

Yesterday soybeans crashed down 40¢. Al Kluis with Kluis Commodity Advisors says this was in part because the Renewable Fuels Standard (RFS) blend levels announced by EPA for 2023 through 2025 for biomass-based diesel, which is often made from soybean oil, were disappointingly lower than expected.

Bob Linneman with Kluis Commodity Advisors adds soybean oil prices were hit yesterday following the announcement that Russia and Ukraine were aggressively selling sunflower oil, impacting soybean prices as well.  

Wheat is starting the day in the red with CBOT wheat down 18¢, KC wheat down 23¢, and Minneapolis wheat is down 12¢. 

Live cattle are down 15¢. Lean hogs are down 52¢. Feeder cattle are up 18¢. 

The U.S. Senate passed legislation yesterday to avoid a railroad workers strike on Dec. 9. In a vote of 80 to 15, the Senate approved the agreement brokered by President Joe Biden's Administration in September, which included a 24% raise through 2024. However, in a separate vote, the Senate rejected the U.S. House of Representatives' bill that would have given seven days of paid sick leave to rail workers.

The S&P 500 is down 39 points. The Dow is down 243 points. 

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