Grain markets on the up. August 18, 2023

The grain markets are higher today with wheat leading the gains. It is all about weather and it looks hot and dry through next Wednesday and Thursday in the central and western Corn Belt.  Temps cool down the following week, but not much rain in the forecasts.

This morning the outside markets are mixed. the US stock market is lower, crude oil is up 50¢ per barrel and the US dollar index is lower.

At this time grain markets are all higher.  Corn futures are 6¢ higher; soybean futures are 20-to-25¢ higher and wheat futures are 11-to-20¢ higher. The USDA did report another large corn sale to Mexico today.

The corn and soybean markets appear poised to make a weekly chart reversal higher if these gains hold into the close.

Around the world in the stock markets are all lower. The stock market in China is down 1.2% and in Japan the stock market is down 0.5%.  European stocks are down 1.2%. Livestock futures are lower this morning. October Hogs are up $1.70, October live cattle are down 27¢, and November Feeder cattle are 70¢ lower.

Tags: wheat, futures, live cattle, feeder cattle, lean hogs, corn, soybean