Grains in the red this morning. Friday, December 16, 2022
This morning corn is down a penny and soybeans are down less than a penny.
CBOT wheat is down 3¢. KC wheat is down 10¢. Minneapolis wheat is down 6¢.
Live cattle are up 18¢. Lean hogs are up $1.13. Feeder cattle are up 65¢.
Bob Linneman with Kluis Commodity Advisors says the next sever days in Argentina are expected to be dry with normal temperatures while Brazil is expecting rain. He says if the rain doesn’t come, there could be a weather rally in the near future.
The S&P 500 is currently down 46 points. The Dow is down 369 points. Yesterday the down plummeted down over 800 points. Linneman says this may have been in response to action by the U.S. Federal Reserve this week.
“It is also likely we are seeing some year-end window dressing (when firms adjust positions for gains/losses for the year),” he says.
He says keep an eye on if the selling pressure picks up, suggesting it could impact grains.
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