Grains end day in the green. October 2, 2023

The corn and wheat markets posted good gains and even soybeans closed higher on a late rally. This was a good start to the month of October and the last quarter of the year.

Farmers are making good harvest progress but very little of the crop is being sold.

At the close today December corn was up 12¢, November soybeans closed 2¢ higher and wheat futures managed to close 12-to-23¢ higher.

In the outside markets today. The stock market has turned lower again after a higher start with the Dow now down right at 200 points again today. The US dollar is up 66 points at 106.83 – making new highs for 2023.

Crude oil fell lower today after starting the day higher and is now down $1.90 per barrel making a reversal lower on the daily and possibly weekly charts.

In the livestock markets on Monday. October hogs closed down 35¢ at $79.855, October cattle closed up 22¢ at $184.42, and November feeders closed up 80¢ at $255.70.

12 p.m.: Corn up 11¢ at midday

The corn and wheat markets continue to trade higher while soybeans are now a fraction lower in slow trade. Today the USDA Crop Conditions report is likely to show harvest advancing to about 22-to-25% for corn and soybeans. Yields are extremely variable.

Looking beyond today’s Crop Progress and conditions report and ahead to next week – the trade will focus on weather and planting progress in Brazil. They are off to a very uneven start.

In the outside markets. The stock market has turned lower again with the Dow now down 250 points. The US dollar is up 0.75 points today. Crude oil is now down $1.20 per barrel with a potential reversal on my daily and weekly charts.

In the livestock futures, November feeder cattle are up $1.50, October live cattle are up 62¢, and October hogs are down 32¢.

Tags: live cattle, feeder cattle, lean hogs, corn, soybeans, wheat, futures