Grain prices sink at close of trade. Tuesday, August 2, 2022

U.S. grain prices ended the trade on Tuesday lower. September corn is down 16¢, and December corn is down 15¢.

September soybean futures were 16¢ lower with November beans down 19¢.

September Chicago wheat closed down 25¢. September Kansas City wheat closed down 24¢, and September Minneapolis wheat closed down 24¢.

Livestock prices closed the day lower. Live cattle futures finished the day down 20¢ on the August contract. August feeder cattle closed down $1.52, and July lean hog futures closed the day 60¢ lower.

Crude oil is up 32¢, and the Dow futures are 401 points lower.

U.S. grain prices closed out the trade on Tuesday under pressure. Weather forecasts are putting in a little more rain across the U.S., and the heat will eventually break down.

With crop ratings very close to where they were a year ago, many traders still feel we have a chance at achieving 177 bushels per acre corn yield and 51.5 bushels per acre soybean yield.

Tensions between the U.S. and China seem to be rising as Speaker of the House Nancy Pelosi landed in Taiwan earlier today. Rising tensions add pressure to all commodity markets.

Since starting out the week down hard on Monday and Tuesday, look for a choppy trade as we head into Wednesday.

At midday, grain prices are still lower. September corn is trading 15-16¢ lower with December corn trading 16-17¢ lower.

September soybean futures are trading 21-22¢ lower with November soybeans trading 21-22¢ lower.

Chicago wheat is 24-25¢ lower, Kansas City wheat is trading 26-27¢ and Minneapolis wheat is trading 20-21¢ lower.

Livestock prices are mixed this morning. Live cattle are 7¢ lower, feeder cattle are 40¢ higher and lean hog futures are 27¢ lower. Crude oil is down 21¢ this morning and the Stock market is down 199 points.

As tensions between the U.S. and China heat up the grain markets are under pressure. Speaker Pelosi did land in Taiwan this morning without any incident and that caused soybeans to trade well off their lows but we have now pushed back down to the lows of the day.

Some big rains and storms are going through Illinois this morning causing some flash flooding in the Decatur area. The market will be anxious to see If there is much crop damage with these storms.

Weather still looks hot and dry in the near term but there is a lot of talk about the last half of August being cooler and wetter, so the odds of the U.S. growing a trend line yield on corn and soybeans is still on the table.

Livestock prices have been very quiet this morning in the beef complex. Lean Hogs are finding some pressure as cash looks to be weaker and seasonally speaking we have a tendency to head lower through the month of August.

September corn futures are 8¢ to 9¢ lower. November soybean futures are 8¢ to 9¢ lower. September Chicago wheat is 24¢ lower. Kansas City wheat futures are 25¢ lower. Minneapolis wheat futures are 22¢ lower.

Livestock prices are also lower this morning. Live cattle are 20¢ lower. Feeder cattle are 20¢ lower, and lean hog futures are 2¢ lower.

Crude oil is up 58¢ this morning, and the stock market is down 180 points to start off today’s trade.

Better than expected crop ratings from USDA yesterday brought in more sellers last night. Corn was rated 61% good/excellent, and soybeans were rated 60% good/excellent. These ratings compare to last week’s ratings of 61% good/excellent on corn and 59% good/excellent on soybeans. Weather is calling for some very hot temps and dry conditions this week. However, there are also some chances of rain, and the hot temps will not last as long as they were talking last week. Keep a close eye on the weather maps, and if the rains do not show up, the market will add more premium to the new crop contracts.

Speaker of the House Pelosi is expected to make her trip to Taiwan this morning. A big portion of the selloff yesterday in the soybean complex had to do with rising tensions between the U.S. and China with Speaker Pelosi going to Taiwan.

Tags: futures, live cattle, feeder cattle, corn, grain, prices, животноводство, soybean, wheat, lean hog, U.S.