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Corn closes down 16¢ | Wednesday, January 4, 2023
March corn ended the day down 16¢ to $6.55.
Soybeans started the day up, but ended down 7¢.
CBOT wheat is down 29¢. KC wheat is down 28¢. Minneapolis wheat is down 16¢.
Cory Bratland with Kluis Commodity Advisors says pressure on grains is coming from fund selling today.
He also says wheat is under pressure as winter wheat areas are receiving moisture.
Live cattle are up 43¢. Lean hogs are down $1.58. Feeder cattle are up $3.38.
Crude oil is down to $72.96 a barrel.
The U.S. Dollar Index is up to 104.03.
The S&P 500 is up 11 points. The Dow is down 29 points.
Corn falls to two-week low: 11:15 a.m.
At midday, March corn is down 14¢ to $6.56, the lowest it has been in over two weeks.
Soybeans are now down 6¢.
CBOT wheat is down 26¢ to a two-week low of $7.48. KC wheat is down 27¢. Minneapolis wheat is down 14¢.
Live cattle are up 50¢. Lean hogs are down 95¢. Feeder cattle are up $3.45.
Crude oil is down $3.48.
The S&P 500 is up 46 points. The Dow is up 254 points.
Corn starts day down 5¢: 9:03 a.m.
This morning, corn is down 5¢ while soybeans are up 6¢.
Nick Tsiolis, founder of Farmer's Keeper, says soybean prices are being supported by the continued dry weather in Argentina. He also notes expectations for Brazil's crop have been lowered.
- READ MORE: 3 Big things today, January 4, 2023
According to Commodity Weather Group, showers yesterday only reached half of Argentina's corn and soybean acres, and given the 15-day forecast, stress will expand next week to 65% of planted acres.
CBOT wheat is down 15¢. KC wheat is down 17¢. Minneapolis wheat is down 8¢. Tsiolis says wheat exports reported yesterday were "well below" expectations.
Live cattle are up 68¢. Lean hogs are down 13¢. Feeder cattle are up $1.13.
Crude oil is currently down to $74.34 a barrel. Naomi Blohm with Total Farm Marketing says investors are worried recession could injure oil demand. She also says oil demand on the east coast to generate electricity has not been as high as originally anticipated this winter.
Blohm says the market is anticipating inventory reports from the American Petroleum Institute today and the U.S. Energy Information Administration tomorrow.
The U.S. dollar, which was wounding prices yesterday, is down to 103.9 this morning.
The S&P 500 is up 17 points. The Dow is up 88 points.
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