Wheat Leads Grain Prices Lower With More Risk-Off Selling
Wheat prices that reached new contract highs Tuesday were turned sharply lower Wednesday, partly due to traders nervous about outside markets and partly due to rain in next week's forecast that will only offer limited benefit to the HRW wheat crop. With Dow Jones futures down over 1,000 points, Wednesday afternoon's commodity board was nearly entirely red.
Bear Spreaders Take Over the Livestock Contracts
It's been a tough day for the livestock complex as the entire marketplace drifts lower heading into Wednesday's afternoon.
DDG Prices Slide, Soybean Meal Prices Lower
DDG prices and most feed prices were lower for the week ended May 6.
Milk Futures Feel Pressure From Other Markets
Milk futures are taking a little breather Wednesday. Barrels and blocks were steady to higher, but that did not turn futures higher. Butter continues to gain ground. USDA will release the April Milk Production report later today.
Ethanol RINs Lower, Cash Ethanol Prices Mixed
Spot ethanol cash prices were mixed Tuesday, while ethanol RINs were lower. July corn closed down 8 3/4 cents at $8.00 3/4, while September closed down 5 1/4 cents at $7.72 3/4.
Retail Fertilizer Prices Remain Mostly Higher
Most retail fertilizer prices continued to be higher in the second week of May 2022 compared to a month ago. Two fertilizers, however, were slightly lower in price this week.
Cotton Down in Commodities Melt
Cotton was decisively lower Wednesday, as fears of a global recession and falling outside markets pushed traders to exit.
Grains, Outside Markets Face Weakness
Corn futures ended 18 3/4 to 20 1/2 cents lower, soybeans settled 15 1/4 canola slid $26.10 to $37.90/mt lower, HRS settled 17 3/4 to 40 3/4 cents lower, HRW ended 32 to 43 1/4 cents lower, and SRW closed 32 1/4 to 46 3/4 cents lower.