Grain prices fall sharply. Monday, August 15, 2022

September corn futures are down 21¢. September soybean futures are down 59¢. CBOT wheat is down 16¢. KC wheat is down 17¢. Minneapolis wheat is down 24¢.

Live cattle and feeder cattle are both trading up while lean hogs are down 90¢.

Outside the U.S., corn and soybeans are both up on the Dalian trade out of China. Milling wheat on the European MATIF exchange is trading down.

Crude oil is down $4.15.

Rain is in the forecast for eastern Nebraska and western Iowa, putting downward pressure on prices.

Naomi Blohm, senior market advisor for Total Farm Marketing, says it has been reported by Taiwan’s presidential office that today a new U.S. delegation of lawmakers, led by Senate Foreign Relations Committee member Ed Markey (D., Mass.), met with Taiwanese President Tsai Ing-wen to discuss maintaining regional stability and deepening U.S.-Taiwan trade.

The group arrived in Taipei on Sunday without previously announcing the two-day visit. China responded to the surprise by announcing military drills around the island, the latest flare-up of tensions in the region.

China’s central bank also unexpectedly lowered a key interest rate for the second time this year and withdrew some cash from the banking system on Monday, an attempt to revive credit demand and support the COVID-hit economy.

Tags: corn, soybean, wheat, futures, Market, live cattle, feeder cattle, lean hogs