Corn starts day down slightly. Monday, October 9, 2023
December corn is currently down by less than a penny.
November soybeans are down 4½¢.
CBOT wheat is up 3¼¢. KC wheat is up 6¾¢. Minneapolis wheat is up 7¼¢.
The Grain Market Insider newsletter by Stewart-Peterson Inc. said during the early morning trade that wheat is being supported by concerns over tight world supplies. The newsletter says the concern is driven by the escalating fight between Ukraine and Russia and the fact that poor weather in Argentina and Australia is expected to lead to smaller crops.
Live cattle are down 38¢. Lean hogs are down 50¢. Feeder cattle are down 13¢.
Over the weekend Hamas, an Islamic Palestinian group, designated by the U.S. government as a foreign terrorist organization. launched an attack on Israel. Israel has since declared war, reports the AP.
Naomi Blohm, senior market advisor for Total Farm Marketing, says these events are not likely to have much direct impact on agriculture but are positive factor for crude oil prices and prices could rally if Iran becomes directly involved in the conflict.
Crude oil is currently up $3.73.
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