Grains were mixed but mostly higher on Thursday. Wheat prices saw the most upside, finding moderate gains and moving to two-month highs after another round of technical buying today. Corn prices were slightly firm following a choppy session, while soybean prices took a modest dip lower after some technical selling. Light to moderate rains are expected to fall across a large chunk of the central U.S. between Friday and Monday, per the latest 72-hour cumulative precipitation map from NOAA.
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However, the agency’s new 8-to-14-day outlook predicts a return to seasonally dry conditions between September 29 and October 5, with warmer-than-normal temperatures likely for most of the country during this time. On Wall St., the Dow dropped 100 points in afternoon trading to 30,082 on growing concerns that the Federal Reserve’s policies to curb inflation could steer the country into a recession. Energy futures made moderate inroads. Crude oil shifted 0.5% higher to $83 per barrel this afternoon, while diesel rose nearly 2% higher and gasoline tacked on gains of more than 1%. The U.S. Dollar firmed moderately. On Wednesday, commodity funds were net buyers of CBOT wheat (+3,000) contracts but were net sellers of corn (-4,000), soybeans (-6,000) and soyoil (-2,000). Funds were roughly even when trading soymeal contracts yesterday. Corn Corn prices picked up modest gains following a choppy session on Thursday as traders balanced two large grain sales announced this morning against ...
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