Corn down 3¢ at midday; soybeans back in the green. Wednesday, December 14, 2022

Corn is down 3¢ at midday while soybeans regained some ground and are up 3¢.

CBOT wheat is down 3¢. KC wheat is down 16¢. Minneapolis wheat is down 9¢.

Live cattle are down 45¢. Lean hogs are down 88¢. Feeder cattle are down 3¢.

Crude oil is up $1.82 to $77 a barrel. Naomi Blohm with Total Farm Marketing says the European energy crisis is expected to drive up demand for oil as a heat source.

The S&P 500 is up 22 points. The Dow is up 195 points.

Corn is starting the day down 2¢.

Soybeans are down 6¢.

CBOT wheat is down 2¢. KC wheat is down 7¢. Minneapolis wheat is down 5¢.

Live cattle are down 8¢. Lean hogs are down 28¢. Feeder cattle are up 10¢.

Nick Tsiolis, founder of Farmer’s Keeper, says all eyes are on the U.S. Federal Reserve meeting today, as a 0.5% interest rate increase is expected.

“After yesterday’s better than expected inflation data and a weakened Dollar Index, the expected 0.5% increase may be seen as a sign that this fiscal policy is working,” he says. “That might be a relief to global markets.”

However, Blohm says the market may see another 0.75% increase.

“[Federal Reserve Chair Jerome] Powell seems willing to go a bit further than needed in his tightening policies, as he does not want a repeat of the 1970s inflation bouts,” she says. “He has mentioned numerous times that the [Federal Reserve] stopped their increases too early during that decade to let inflation persist and ultimately become the problem it was in the early ’80s. We’ll see if he is able to persuade the rest of the group to that thinking this afternoon.”

The U.S Dollar Index currently sits at 103.4.

The S&P 500 is up 9 points. The Dow is up 70 points.

Tags: wheat, сorn, live cattle, feeder cattle, lean hogs, soybeans