Wheat still high; corn and soy close down | Wednesday, September 21, 2022
CBOT wheat closed the day up 7¢ to $9.01. KC wheat is up 4¢ to $9.67. Minneapolis wheat is up 5¢ to $9.64.
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Corn ended the day down 6¢ and soybeans are down 18¢.
Livestock prices are all down at the close.
In line with the trade's expectations, the Federal Reserve did announce a 0.75 basis points interest rates increase today. The stock market did see a pretty big dip this afternoon but is back up. Currently the Dow is up 63 points and the S&P 500 is up 16 points.
Grains mixed at midday: 11:13 a.m.
At this hour, corn is down 6¢ and soybeans are down 5¢.
Wheat continues to be up. CBOT is up 8¢. KC is up 7¢. Minneapolis is up 5¢.
Live cattle are down 13¢. Feeder cattle are up 43¢. Lean hogs are down 85¢.
The Federal Reserve is set to meet at 2 p.m. ET, and it is expected they will increase interest rates by 0.75 basis points. Anticipation has spiked the stock market.
The Dow is currently up 127 points and the S&P 500 is up 18 points.
Wheat continues to surge: 8:55 a.m.
This morning wheat prices are reaching multi-month highs. CBOT wheat is up 6¢ to just below the $9 mark. KC wheat is up 6¢ to $9.69. Minneapolis wheat is up 6¢ to $9.65.
Corn is up a penny to $6.93. Soybean futures are flat at $14.79.
Bob Linneman with Kluis Commodity Advisors says wheat prices are still riding the surge caused by yesterday's news of Russia's intention to annex occupied Ukraine territory.
The Federal Reserve is expected to announce a 0.75 point interest rate increase today that "may get the market moving," Linneman says.
October live cattle are down 23¢. Feeder cattle are down 10¢. Lean hogs are up 3¢.
Crude oil is currently up $1.26. The U.S. Dollar Index is up 0.50 points.
The S&P 500 is up 18 points. The Dow is up 141 points.
Milling wheat on the European MATIF trade is up. On the Chinese Dalian trade, corn and No. 2 soybeans are down while No. 1 soybeans are up.