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Market Update: Agriculture Trends and Price Movements
Latest Price Movements
As of the market close, December corn experienced a slight decline of ½¢, settling at $4.17½ per bushel.
November soybeans fell by 2¾¢, now priced at $10.22¾ per bushel.
Market Insights
According to Jamey Kohake, Senior Risk Manager with Pinion, the recent downturn in commodities was primarily influenced by rainfall across the Corn Belt and an abundant second corn crop in Brazil.
Wheat Market Overview
Wheat markets faced significant pressure at the close. September CBOT wheat fell by 9¢, finishing at $5.40½ per bushel. September KC wheat lost 9¾¢, dropping to $5.23½ per bushel, while September Minneapolis wheat decreased by 8¢ to $5.52 per bushel.
Livestock Prices
In livestock markets, October live cattle rose by $2.37, reaching $223.50 per hundredweight (cwt). August feeder cattle increased by $3.25, now priced at $331.52 per cwt. October lean hogs saw a modest increase of 40¢, settling at $90.90 per cwt.
Energy Market Overview
Just after 3:00 p.m. CT, September crude oil was up by 17¢, trading at $65.48 per barrel.
Stock Market Movement
In equity markets, September S&P 500 futures rose by 48 points, while September Dow index increased by 496 points. In contrast, the September U.S. Dollar Index fell by 197 points.
Morning Market Snapshot: Soybeans Make Gains
At 9:30 a.m. CT, December corn remained unchanged at $4.18 per bushel. In a positive turn, November soybeans jumped 5¾¢ to $10.31¼ per bushel.
Karl Setzer, partner with Consus Ag Consulting, noted that the overnight trading for futures was volatile, responding to news of a new trade deal between the U.S. and Japan, which may pave the way for increased trade opportunities.
Wheat Market in Morning Trading
Morning trading showed wheat markets easing. September CBOT wheat was down 3½¢ at $5.46 per bushel, September KC wheat fell 5¼¢ to $5.28 per bushel, and September Minneapolis wheat saw no change at $5.60 per bushel.
Morning Livestock Prices
October live cattle increased by $1.40, reaching $222.52 per cwt, while August feeder cattle gained $1.30, now at $329.57 per cwt. However, October lean hogs dropped by 70¢ to $89.80 per cwt.
Morning Energy Market Update
September crude oil traded down by 40¢, priced at $64.91 per barrel.
Morning Stock Market Update
September S&P 500 futures were up by 14 points, while September Dow increased by 197 points. The September U.S. Dollar Index had risen by 133 points.
