OMAHA (DTN) -- As we near Wednesday's close, crops have shaken off their bearish starts and are pointed higher, ignoring Wednesday's drop in crude oil. March corn is up 4 1/2 cents and January soybeans are up 7 1/2 cents with both soy products trading higher. March KC wheat is up 8 cents and threatening to close back above its 100-day average at $9.16. March Minneapolis wheat is up 4 cents with the December contract up 12 cents, a surge of commercial buying ahead of delivery next week. January crude oil is down $3.44 and Dow Jones futures are down 3 points. The U.S. Dollar Index is down 0.84 and December gold is up $6.20.
Posted 10:39 -- At midmorning Wednesday, crop prices are mixed, holding roughly steady despite lower crude oil prices and concerns about slowing economies. March corn is up 2 1/4 cents and January soybeans are down 3 cents. Earlier Wednesday, USDA said 4.0 million bushels of soybeans were sold to China for 2022-23, a small sale, but another sign of activity from a country struggling with COVID-19. March KC wheat is up 3/4 cent. March Minneapolis wheat is up 5 cents, supported by bull spreading in the December contract with first notice day a week away. January crude oil is down $3.32 and Dow Jones futures are up 62 points. The U.S. Dollar Index is down 0.86 and December gold is up $3.80.
Posted 09:41 -- The U.S. Energy Department (DOE) said ethanol production increased from 1.011 to 1.041 million barrels per day last week, putting total production in 2022-23 close to last year's pace. U.S. ethanol inventory increased, however, 21.3 to 22.8 million barrels, up from the lowest total this year. March corn is down 3/4 cent and January crude oil is down $4.08, even after DOE said crude oil inventory was down 3.7 million barrels last week.
Posted 08:36 -- After Wednesday's 8:30 a.m. CST open, January crude oil is trading down $2.51, putting early bearish pressure on soybean oil with ongoing concerns about increased COVID-19 restrictions in China and the anticipation of a G7 price cap on Russian oil. March corn is up 2 1/2 cents and January soybeans are down 1 1/4 cents. March KC wheat is down 1 3/4 cents with a chance for light to moderate rains in the northwestern U.S. Plains next week, possibly reaching as far south as the Kansas border. March Minneapolis wheat is up 1 1/2 cents. Dow Jones futures are up 27 points, the U.S. Dollar Index is down 0.44 and December gold is down $2.90.Livestock
Posted 11:39 -- February live cattle are down $0.60 at $155.825, January feeder cattle are down $2.03 at $179.65, February lean hogs are down $0.53 at $89.55, December corn is up 3 1/4 cents per bushel and December soybean meal is up $1.20. The Dow Jones Industrial Average is up 12.03 points. It's a glorious day for the cash cattle market, as feedlots have again been rewarded for their patience. There's been a light movement in the North at $245 dressed, which is $3 higher than last week's weighted average.
Posted 08:33 -- February live cattle are up $0.10 at $156.525, January feeder cattle are up $0.15 at $181.825, February lean hogs are down $0.23 at $89.85, December corn is up 1/4 cent per bushel and December soybean meal is up $0.40. The Dow Jones Industrial Average is up 9.54 points. Cash cattle should see more business develop throughout the day as the market has yet to be tested. Asking prices in the South are noted at $154 to $155, but are still unestablished in the North.
This year's DTN Ag Summit will be conducted virtually on the mornings of Dec. 12-13, 2022. Please join us for DTN lead analyst Todd Hultman's insights into how long these high crop prices will last and what to watch for in the year ahead. Full details available at www.dtn.com/agsummit
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