Wheat Prices Rebound Wednesday, Supported by Growing Fears About Russia
December contracts of all three U.S. wheats posted double-digit gains Wednesday with growing concerns Russia will not want to extend Ukraine's grain deal in November. Row crops posted small gains as outside market fears relaxed after the Bank of England said it would buy long-term bonds to help ease financial strains at home.
Livestock Market Hopes Thursday's Export Report Sheds Some Light
Thursday will be a busy day for the livestock complex as export data will be sought after by all, and then the afternoon's Quarterly Hogs and Pigs report will be important to both traders and hog producers.
Soybean Oil, Meal Cash Prices Sharply Lower for Week
Cash soybean oil and soybean meal were sharply lower for the week ended Sept. 23, while DDG prices were mostly higher.
Class III Futures Post Strong Gains
Class III milk futures posted some nice gains even though block cheese price slipped during spot trading. The fact that a load of blocks was traded and that barrels moved higher triggered buying interest. Milk availability has tightened in some areas of the country due to strong demand for fluid milk.
Cash Ethanol Prices Higher, Ethanol RINs Lower Wednesday
Spot ethanol cash prices were higher and ethanol RINS were lower Wednesday. December corn closed up 3 cents at $6.70 1/2, while March closed up 3 3/4 cents at $6.76 1/2.
Fertilizer Prices Remain Evenly Mixed; USDA Announces Grants to Boost Production
Fertilizer prices are evenly mixed for the third week of September 2022, with five of the eight major fertilizers slightly lower compared to last month while three were slightly higher. No fertilizers were up or down significantly compared to last month.
Cotton Recovers Higher Wednesday
After posting new lows for the move, cotton reversed to finish materially higher Wednesday.
Canola Continues to Move Higher
Corn ended 3 to 4 cents higher, HRS ended 27 1/2 to 29 1/4 cents higher, HRW ended 30 3/4 to 32 3/4 cents higher, SRW closed 30 to 31 3/4 cents higher, soybeans ended 3/4 cents to 5 cents higher and canola ended $7.30/mt to $9.40/mt higher.