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Corn finishes flat day | Wednesday, January 11, 2022
March corn closed up a penny, putting an end to a fairly flat corn trading day.
March soybeans closed up 9¢.
CBOT wheat is up 8¢. KC wheat is up 10¢. Minneapolis wheat is up 5¢.
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Live cattle are up 13¢. Lean hogs are down 58¢. Feeder cattle are down $1.08.
Crude oil is up $2.45 to $77.57.
The S&P 500 is up 37 points. The Dow is up 200 points.
Wheat up 10¢ at midday: 11:39 a.m.
Corn is currently up 2¢ while soybeans are up 8¢.
CBOT wheat is up 10¢. KC wheat is up 9¢. Minneapolis wheat is up 3¢.
Live cattle are down 13¢. Lean hogs are down 45¢. Feeder cattle are down 70¢.
Crude oil is currently up $2.42.
The U.S. Dollar Index is at 103.1.
Tomorrow the USDA World Agricultural Supply and Demand Estimates (WASDE), Crop Production, and Grain Stocks reports come out. Naomi Blohm with Total Farm Marketing says depending on what happens tomorrow, corn may break out of its current pennant flag formation and go either higher or lower.
"If the breakout is lower, look for prices to drop over time approximately 75¢," she says. "If the report is friendly, corn prices will likely climb 75¢ over time and re-test the summer highs."
Soybeans start day up 11¢: 9:09 a.m.
This morning, corn is up a penny while soybeans are up 11¢.
CBOT wheat is flat. KC wheat is down 3¢. Minneapolis wheat is down a penny.
Live cattle are down 15¢. Lean hogs are down 30¢. Feeder cattle are down 38¢.
Crude oil is up $1.11.
The U.S. Dollar Index is at 102.97.
Bob Linneman with Kluis Commodity Advisors says there have been reports of Argentina actively trying to buy Brazilian soybeans, possibly confirming just how bad production conditions are in the country.
According to Commodity Weather Group northern Argentina will see scattered showers Thursday and western Argentina will see rain late next week, but stress persists for two-thirds of the country's corn and soy acres for the next 10 days.
The S&P 500 is up 21 points. The Dow is up 82 points.
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