Wheat closes down due to aggressive fund selling | Tuesday, January 10, 2023

Wheat prices crashed lower this morning when prices fell below chart support, taking corn and soybean prices lower as well. Soybean prices were the first to reverse and then corn rallied back 16¢ off the low, trading as much as 9¢ higher. I had thought it would be a quiet day ahead of the USDA Crop reports on Thursday. 

I will repeat what I wrote this morning: It is a low volume day, so it does not take much to move the markets higher or lower ahead of the reports. 

The outside markets are mixed for the grain markets. The Dow has traded on both sides and is now up 100 points. Crude oil prices are now up 92¢ per barrel.    

At the close, old crop corn futures closed up 2¢, with December down 1¢. The expiring January contract closed up 6¢ and March soybeans closed down 3¢, with November soybeans down 1¢. 

Wheat futures closed 6¢ to 8¢ lower on another day of aggressive fund selling. 

Livestock futures closed mixed with hogs lower and cattle and feeder cattle higher. 

Corn, soybeans move higher midday: 11:52 a.m.

Wheat prices are lower but well off the early lows, while corn held critical chart support and March corn is now 9¢ higher on the day. Soybeans have turned higher with the January contract, now up 15¢. It is a low volume day, so it does not take much to move the markets higher or lower ahead of the USDA reports on Thursday. 

The outside markets are mixed for the grain markets. The Dow has traded on both sides and is now up 40 points. Crude oil prices are now up 30¢ per barrel.    

At this time, old crop corn is 7¢ to 9¢ higher, with December up 3¢. March soybeans are now 4¢ higher with November soybeans up 3¢. March CBOT wheat is 6¢ lower and is 17¢ off the low. KC wheat is down 8¢, which is 17¢ off the low, and Minneapolis wheat is now down 2¢, which is 8¢ off the low. 

Livestock futures are mixed with hogs lower and cattle and feeder cattle higher. 

Grain prices hit hard again: 9:18 a.m.

Grain prices are getting hit hard again this morning with wheat prices moving sharply lower. Wheat prices are lower as the U.S. wheat market follows lower Russian wheat prices and India announces a record wheat crop for 2023.  

South Korea bought corn, but it was from South America where it is at about 20¢ per bushel discount to the U.S. Mexico bought soybeans.

This morning, corn futures are 3¢ lower, soybean futures are 1 to 4¢ lower, and wheat futures are 9 to 20¢ lower.

The big USDA Crop reports are out Thursday. 

In the outside markets: The U.S. Dollar Index is up 0.20 points at 103.21 and crude oil is up 56¢ per barrel at $75.42.

S&P futures are up 4 points at 3,917. The Dow is up 19 points at 33,684. 

Livestock futures are mixed this morning. Feeder cattle and live cattle are higher with hog futures lower.