Periodic Updates on the Grains, Livestock Futures Markets

Posted 10:34 — In mid-morning trading, December corn was down 5 1/4 cents per bushel, January soybeans were down 13 1/4 cents, December KC wheat was up 4 3/4 cents, December Chicago wheat was down 1 1/ 4 cents and December Minneapolis wheat was down 2 3/4 cents. Soy oil reversed direction to reach new highs for the week. The Dow Jones Industrial Average fell 149.2 points and December crude oil fell $1.30 per barrel. The US Dollar Index rose to 1.378 and December gold was down $18.90 per ounce. Wheat futures are mixed with HRS and SRW struggling to maintain a shift into positive territory, while media reports indicate that around 50% of eastern Australia’s wheat may be downgraded due to excess rain. The USDA reported a light volume of 14.7 million bushels of corn sold for the week ending October 27, while soybean sales totaled 30.5 mb and wheat sales were reported at 12.8 mb. Shipments for the week were more than the amount needed for the week to meet the USDA export forecast for soybeans, while well below the amount needed for wheat and corn.

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Posted 08:34 — December corn down 6 cents per bushel, January soybeans down 15 1/4 cents, December KC wheat down 12 1/4 cents, December Chicago wheat down 14 3/4 cents and December Minneapolis wheat fell 11 1/4 cents. The Dow Jones Industrial Average dropped 265.67 points and crude oil in December dropped $2.03 per barrel. The US Dollar Index rose to 1.610 and December gold was down $29.40 per ounce. The grain and soybean markets were heavily weighed down by the continuation of the grain export pact with Ukraine, and by negative vibes from outside macro markets after the Fed raised interest rates for the fourth time to 75-basis points. The US Dollar Index rose because Fed Chairman Powell suggested that interest rates will rise higher than previously indicated.

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Posted 11:42 — December live cattle were up $0.50 at $151.9, January feeder cattle were down $0.68 at $179.325, December lean hogs were up $0.28 at $83.575, December corn was down 5 1/2 cents per bushel and December soybean meal is the bottom. $9.30. The Dow Jones Industrial Average dropped 57.86 points. Some cattle have started trading in the South at $150 steady in the market for the past week, but the North has yet to sell a cow. Northern feedlots are known for pushing the cash market more aggressively, so they are likely to see higher prices. Asking prices are about $151 to $152 in the South; $244 to $245 in the North.

Posted 08:34 — December cattle were down $0.08 at $151.325, January feeder cattle were down $0.08 at $179.925, December hogs were up $0.48 at $83.775, December corn decreased 7 cents per bushel and December soybean meal was less than $ 5. The Dow Jones Industrial Average decreased by 267.85 points. Beef net sales of 9,200 mt for 2022 are mainly Japan (3,000 mt), South Korea (1,900 mt) and Taiwan (1,800 mt). Pork net sales of 47,900 mt for 2022 for Mexico (12,700 mt), China (11,200 mt) and Japan (9,300 mt).

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This year’s DTN Ag Summit will be held on the morning of December 12-13, 2022. Please join us for DTN lead analyst Todd Hultman’s insights on how long these high crop prices will last and what to watch for in the coming year. Full details are available at www.dtn.com/agsummit

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