Wheat suffers a double-digit setback, with corn down slightly Grain prices were mixed but mostly lower following USDA’s highly anticipated World Agricultural Supply and Demand Estimates (WASDE) report, which the agency released late this morning. Soybeans were the session’s lone winner, moving around 1% higher after USDA showed lower-than-expected South American production estimates.
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In contrast, wheat prices incurred double-digit losses after USDA showed higher-than-expected planted acres for 2022. Corn prices wobbled and ultimately closed with moderate losses of less than 0.5%. Some additional moisture will fall across some parts of the Midwest and Plains between Thursday and Saturday, per the latest 72-hour cumulative precipitation map from NOAA. Into this weekend, expect a winter storm to drop snow and ice in parts of the upper Midwest through the eastern Corn Belt. Later on, NOAA’s 8-to-14-day outlook predicts more seasonally wet weather for most of the central U.S. between January 19 and January 25, with seasonally cold weather likely for the Midwest. On Wall St., the Dow slipped 15 points lower to 36,236, with worries over inflation largely baked in ahead of the updated consumer price index, which has risen 7% higher year-over-year. Energy futures continue to climb, with crude oil up another 1.5% this afternoon to move above $82 per barrel. Gasoline and ...
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