Corn and soy start day in the red. Thursday, February 16, 2023

Corn and soybeans are both currently down a penny.

CBOT wheat is down 2¢. KC wheat is up 3¢. Minneapolis wheat is up 6¢.

Live cattle are flat. Lean hogs are down $1.08. Feeder cattle are down 18¢.

USDA announced exports this morning of 128,000 metric tons of soybeans to unknown destinations for the 2022/2023 marketing year.

The weekly exports report was also released.

USDA reported net corn sales of 1,024,500 metric tons for 2022/2023, down 12% from the previous week and 15% from the prior 4-week average.

Net soybean sales were reported at 512,800 metric tons for 2022/2023, up 37% from the previous week, but down 35% from the prior 4-week average.

Net wheat sales came in at 209,800 metric tons for 2022/2023, up 60% from the previous week, but down 32% from the prior 4-week average.

Naomi Blohm with Total Farm Marketing says the corn export sales are supportive can can help corn “get on track” with USDA projections.

Concerning soybeans she says the weekly export sales are decent for this time of year and calls the fresh export sale announced this morning impressive.

“Normally this time of year South America starts to get the bulk of the export business since they are harvesting and taking beans to port for export,” she says.

Crude oil this morning is up 42¢.

S&P 500 futures are down 56 points. Dow futures are down 409 points.

Tags: live cattle, feeder cattle, lean hogs, soybeans, wheat, сorn