Wheat Futures Return to Weaker Ways

Jul 12, 2022

After a strong rebound at the end of last week, wheat futures went back to their losing ways on Monday.

Fresh highs for the US dollar, which makes American supplies appear more expensive to foreign buyers, weighed on wheat today, as did continued concerns about the possibility of a recession which could hurt demand. News that China could again be locking down certain areas of the country due to rising covid cases also weighed on markets in general. September Chicago wheat dropped 35 cents to $8.56 ½, September Kansas City lost 30 ½ cents to $9.15 ¼ and September Minneapolis closed down 28 cents at $9.63 ¾.

Corn managed small gains after posting stronger advances during the overnight session. Forecasts for mostly warm and dry Midwest weather, especially for the end of the month, initially powered the market higher. However, a sharp reversal lower in the wheat market and some forecasters adding rain chances was enough to pressure gains from earlier in the session, the CME market commentary said. September was up 3 ¾ cents at $6.37 and December added 5 ½ cents to $6.29.

The warm, dry forecasts boosted soybeans, although the market also faded from stronger earlier gains. August soybeans gained 8 ¾ cents to $15.22 and November was 8 ½ cents higher at $14.05.

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Video: Learning to Wrench From Dad the Hard Way

Harvest is a week out and the farm picked this week to fall apart. The truck needs a battery, the barn curtain's got a problem, and the corn and beans are telling us we're out of time to get it all fixed.

So it's a full day of wrenching. Tork supervises while I get the truck back running, then we're out at the hog barn where one rusted up part has the whole curtain system hung up. Ladder work, cable work, and a little dad-and-son disagreement about the right way to do it. We close it out walking the fields, shelling beans and checking corn, because whether everything's fixed or not, harvest starts when harvest starts.

Chapters: 00:00 Everything breaks the week before harvest 01:00 Tork supervises while I fix the truck 12:30 Out to the barn to find the curtain problem 14:30 One rusty part hung up the whole curtain 20:00 Running the curtain cable from the ladder 24:00 Walking the beans and corn before harvest 26:30 Wrapping up

We're a 6th generation family farm in southeast Iowa showing the real ups and downs of pig farming and row crop farming. No script, just the work. Subscribe and follow along.

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