Corn, soybeans, cattle finish strong. Wednesday, August 17, 2022

September corn and soybean futures both settled below their highs for the day but still up overall. Corn is up 5¢, and soybeans are up 20¢.

At midday, it looked like wheat may come up a little bit, but it quickly sunk again. CBOT wheat closed 23¢ down. KC wheat closed 20¢ down. Minneapolis wheat closed 19¢.

October live cattle is finding resistance at its highest price since April at $146. September feeder cattle is also doing really well, up $1.65 to its highest point since February.

Naomi Blohm with Total Farm Marketing says traders are already pricing in a friendly Cattle on Feed Report for Friday and will now need an “over the top friendly” Cattle on Feed Report to get prices to justify breaking above resistance for the October 2022 contract. She says seasonals suggest a short-term price peak on or near August 22 with prices working lower until September 6.

Lean hogs are also up $1.48.

September corn futures are up 5¢, and December corn futures are up 3¢. September soybeans are up 20¢, and November soybeans are up 10¢.

Wheat is still down but has bounced off its morning low. CBOT wheat is down 15¢. KC wheat is down 15¢. Minneapolis wheat is down 15¢.

Livestock are all up.

It’s been a tough week so far for grain prices, but this morning corn and soybeans are regaining ground from yesterday’s lows.

September corn is up 5¢ this morning, and December corn is up 4¢. September soybeans are up 18¢, and November soybeans are up 14¢.

CBOT wheat is down sharply this morning from its overnight high of $7.93 to $7.71. KC wheat is down 14¢. Minneapolis wheat is down 13¢.

News out of Ukraine this morning is putting pressure on the market. The country is expecting five ships to arrive today ready to receive over 70,000 tons of wheat, corn, and sunseed oil.

Economic slowdown in China has also been impacting the market this week. News this morning is China is struggling with extreme heat and drought, which has led to power outages and disruption to crops and livestock.

Livestock markets this morning are mixed. Live cattle are down 30¢. Feeder cattle are down 43¢. Lean hogs are up 30¢.

Crude oil is up 55¢, and the Dow is down 173 points.

Outside the U.S., milling wheat on the European MATIF trade is down. Corn and soybeans on the Chinese Dalian exchange are also down.

Tags: lean hogs, corn, prices, животноводство, soybean, wheat, futures, live cattle, markets, feeder cattle