Chicago wheat reverses, finishes day down | Monday, November 7, 2022

CBOT wheat finished down slightly after being up this morning. KC wheat is up 6¢ and Minneapolis wheat is up 5¢.

READ MORE: Soybeans retreat as China’s pandemic restrictions weigh

Al Kluis with Kluis Commodity Advisors suspects prices have been up due to concerns over the condition of the US winter wheat crop. The next USDA Crop Progress report comes out this afternoon and will have a condition update. Last week, a majority of the crop was rated in fair condition or worse. Only 28% was rated good/excellent.

Corn finished the day down 5¢ and soybeans are down 12¢.

Live cattle are up $1.38. Lean hogs are up $3.93. Feeder cattle are up 13¢.

The S&P 500 is up 36 points. The Dow is up 430 points.

Soybeans down 10¢ at midday: 11:24 am

Soybeans are now down 10¢ while corn is still down just a penny.

CBOT wheat is up 7¢. KC wheat is up 13¢. Minneapolis wheat is up 14¢.

Live cattle are up $1.03. Feeder cattle are down 15¢. Lean hogs are up $3.08.

The US Dollar Index is down to 110.1.

The S&P 500 is up 8 points. The Dow is up 192 points.

Corn down 1¢, soybeans down 3¢ at market open: 9:05 am

Prices are mixed this morning with corn down a penny, soybeans down 3¢, and wheat up.

CBOT wheat is up 9¢. KC wheat is up 10¢. Minneapolis wheat is up 12¢.

Kluis says prices are down this morning due to news that last week’s rumor of China lifting its COVID restrictions has proven untrue.

Livestock prices are also mixed. Live cattle are up a nickel. Feeder cattle are down 50¢. Lean hogs are up 43¢.

Kluis says this is likely to be another volatile week with the US elections on Tuesday, the USDA World Agricultural Supply and Demand Estimates (WASDE) report on Wednesday, and the US Consumer Price Index on Thursday.

Crude oil is currently down 18¢ to $92.43. Kluis says if price gets up to between $95 and $100 a barrel it will be positive for corn and ethanol prices.

Outside the US, wheat is up on the European MATIF trade. Corn and No. 1 soybeans are up on the Chinese Dalian trade. No. 2 soybeans are down.

Source link

Leave a Comment

Your email address will not be published.