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Wheat stages comeback, finishes up 16¢ | November 1, 2022

After being down this morning, CBOT wheat finished the day up 16¢. KC wheat finished up 8¢. Minneapolis wheat is up 5¢. 

"The situation in Ukraine is so unstable right now and all these developments with drone strikes are proving that nothing lasts," says Nick Tsiolis, founder of Farmer's Keeper. "We saw some profit taking this morning in corn and wheat, and then volatility spilled over to the upside once insurers announced they will no longer insure vessels. That essentially halts all traffic regardless of any political negotiations. Also, poor U.S. wheat conditions are leading to more concerns about supply."

Corn ended the day up 5¢. Soybeans are up 26¢. 

Naomi Blohm with Total Farm Marketing says soybeans spiked upon news of truckers blocking roads in Brazil in protest of this weekend's election results. The trucks have been ordered to move and Blohm says soybean prices should come down. 

Live cattle are down 53¢. Feeder cattle are down $1.25. Lean hogs are up 28¢. 

The U.S. Dollar Index is currently down 0.07 points to 111.4. 

The S&P 500 is down 14 points. The Dow is down 89 points. 

Corn quietly higher at midday: 11:18 a.m.

Corn is currently up about a penny. 

CBOT wheat is now down 3¢. KC wheat is down 10¢. Minneapolis wheat is down 9¢. 

Soybeans are still up 19¢. 

Live cattle are down 23¢. Feeder cattle are down 75¢. Lan hogs are up 20¢. 

Crude oil is currently up $2.01. 

The S&P 500 is down 6 points. The Dow is down 56 points. 

Wheat and corn down as markets open: 9:02 a.m. 

This morning CBOT wheat is down 3¢. KC wheat is down 5¢. Minneapolis wheat is down 3¢.

Corn is down a penny. Soybeans are up 19¢. 

Reuters reports wheat and corn prices are down because shipments are still coming out of Ukraine. Russian President Vladimir Putin has said Russia is "suspending" rather than canceling the country's participation in the Black Sea trade agreement. 

Meanwhile soybeans are on the rise in hopes of more U.S. exports to China. 

Live cattle are down 30¢. Feeder cattle are down 70¢. Lean hogs are up 55¢. 

The U.S. Federal Reserve is meeting this week. Naomi Blohm with Total Farm Marketing says to watch for news on interest rates and then watch the U.S. dollar. Right now the dollar is down 0.65 points. 

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