Corn is up 4¢ at opening. August 25, 2023

Grain prices are all higher this morning after a mixed overnight session. December corn is up 4¢, November soybeans are up 17¢, and wheat is up 1¢ to 5¢. The crop tour’s final data will be kicked out today. So far, there has been more variability than expected. The June heat and drought stress was expected to cause problems down the road, and we will have to wait until harvest gets going to see the full impact.

Prices are mixed this morning after a strong move yesterday in the livestock market. Feeder cattle are up 65¢, live cattle are down 15¢, and lean hogs are up $1.20. We need to see more data regarding a potential global slowdown in demand and how the current supply continues to decline. There are stories for both sides, but which is stronger?

The outside markets are mixed this morning. The U.S. dollar index is down 0.19, crude oil is up 80¢, and the stock market is up 0.50%. The rebound in the stock market is worth watching today, as yesterday, we saw the early morning gains fade away as selling pressure picked up throughout the day. Traders are digesting the comments from the Federal Reserve chairman this morning; comments suggest the Fed is concerned inflation is still too high, and they are prepared to raise rates further.

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