Corn and soy quietly higher ahead of USDA reports. Friday, March 31, 2023
Corn and soybeans are currently up 1⁄2 of a penny.
CBOT wheat is down a penny. KC wheat is up 3¢. Minneapolis wheat is down 3¢.
This morning at 11 a.m. CDT, USDA releases the Prospective Planting and Grain Stocks reports.
Bob Linneman, commodities broker with Kluis Commodity Advisors, says there have been rumblings that USDA may come in below trade expectations for soybean acres.
“That is what makes a market,” he says. “The bulls and bears are going to take their position and see what the report says. Once the dust settles after the report, traders will turn to spring weather in the U.S.
“If the soybean rally is going to continue, then it will need some friendly news in the report today. U.S. exports are unlikely to see much action, since we are currently more than $1.50 per bushel higher than Brazil.”
Live cattle are up 33¢. Lean hogs are up 13¢. Feeder cattle are up 80¢.
Crude oil is up $1.06.
S&P 500 futures are up 19 points. Dow futures are up 171 points.
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