There’s plenty of holiday cheer in the air as Christmas draws near, but that optimism didn’t make it to the grain markets on Thursday after bearish sentiment kicked most commodity prices lower. Soybeans incurred double-digit losses, while corn prices eased 0.3% lower. Wheat prices were mostly lower, but Kansas City HRW contracts bucked the overall trend after testing modest gains of around 0.25%.
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As Winter Storm Elliot makes its way across the Midwest, most areas east of the Mississippi River will see at least some rain or snow between Friday and Monday, per the latest 72-hour cumulative precipitation map from NOAA. If you’re wondering what areas are most likely to experience a White Christmas this year, The Weather Channel has served up its 2022 prediction. On Wall St., the Dow dropped 630 points to 32,746 amid a recent selloff, anchored by losses in the tech sector along with lingering concerns that the U.S. is heading toward a recession. Energy futures were also in the red, with crude oil down more than 1% this afternoon to $77 per barrel. Diesel and gasoline each dropped around 0.5%. Volatile natural gas prices tumbled more than 5% lower. The U.S. Dollar firmed moderately. On Wednesday, commodity funds were net buyers of all major grain contracts, including corn (+5,000), soybeans (+1,000), soymeal (+1,000), soyoil (+1,000) and CBOT wheat (+10,000). Corn prices eased ...
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