Agricultural Markets Update: Corn and Soybean Prices Rise

As of 9:30 a.m. CT, the agricultural markets have shown positive movement with December corn prices rising by 4¼ cents, reaching $4.24 per bushel. Meanwhile, November soybeans have seen an increase of 8¾ cents, bringing their price to $10.42¼ per bushel.

Market Expectations and Trends

Karl Setzer, a partner at Consus Ag Consulting, noted that the trading community is closely monitoring the upcoming USDA World Agriculture Supply and Demand Estimates report. “For the most part, trade is expecting small revisions to August figures,” he stated.

Setzer also highlighted ongoing concerns regarding the lack of purchasing activity from China, although he noted that domestic crush levels may help mitigate some of these concerns. “Domestic wheat stocks are forecast to hold steady this month, with global carryout expected to remain stable, as larger production in South America offsets smaller crops in the U.S.,” he added.

Wheat Market Analysis

In the wheat market, December CBOT wheat was down 2¾ cents at $5.18¾ per bushel, while December KC wheat fell 3¼ cents to $5.06¾ per bushel. Additionally, December Minneapolis wheat experienced a slight decrease of ¾ cent, landing at $5.25¾ per bushel.

Livestock and Oil Prices

On the livestock front, December live cattle prices increased by 72 cents, now priced at $234.85 per hundredweight (cwt). Meanwhile, October feeder cattle rose by $1.37 to reach $353.72 per cwt. December lean hogs saw a modest increase of 5 cents, bringing their value to $89.30 per cwt.

In the energy sector, October crude oil prices rose by 95 cents, settling at $63.32 per barrel.

Stock Market Overview

As for the stock markets, the S&P 500 Index experienced a slight uptick of 0.19 points, while the Dow Jones Industrial Average fell by 46.74 points. The U.S. Dollar Index also saw an increase, rising by 197 points.

Published: 9:33 a.m. CT

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