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Prices slump following interest rates news | Monday, December 5, 2022

Corn ended the day down 6¢ and soybeans are up a penny. 

CBOT wheat is down 21¢. KC wheat is down 27¢. Minneapolis wheat is down 19¢. 

Naomi Blohm with Total Farm Marketing says prices fell today in response to a report in the Wall Street Journal that the U.S. Federal Reserve is looking to raise interest rates to 5% or above in 2023 while 4% or 4.5% had been the expectation. 

This news also drove the dollar up, she says. The U.S. Dollar Index currently sits at 105. 

Live cattle finished down 5¢. Lean hogs are up 23¢. Feeder cattle are up $1. 

The S&P 500 is down 85 points. The Dow is down 555 points. 

Wheat down 20¢ at midday: 11:32 a.m. 

Corn is down 6¢ at midday while soybeans have slid backwards and are currently up just a penny. 

CBOT wheat is down 20¢. KC wheat is down 19¢. Minneapolis wheat is down 9¢. 

Live cattle are up 28¢. Lean hogs are up 40¢. Feeder cattle are up $1.53. 

Crude oil is now down $1.25. 

The S&P 500 is down 56 points. The Dow is down 350 points. 

Soybeans start day up 11¢: 9:05 a.m. 

Corn is up 2¢ this morning while soybeans are up 11¢. 

CBOT wheat is down a penny. KC wheat is down 2¢. Minneapolis wheat is up less than a penny. 

Live cattle are down 8¢. Lean hogs are down 45¢. Feeder cattle are up $1.03. 

Al Kluis with Kluis Commodity Advisors says protests in China last week resulted in some local government changes to COVID policy, meaning less lockdowns and more travel. Kluis says this was viewed as good for energy markets. 

Crude oil is up currently up $2.18.

The U.S. Dollar Index is currently at 104.2. 

Kluis says keep an eye on weather projections for Brazil and Argentina this week to see if the forecasted rain arrives.  

The S&P 500 is down 31 points. The Dow is down 248 points. 

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