Corn and soy start day quietly higher. Friday, February 17, 2023

Corn is currently up ¹⁄₂ a penny while soybeans are up a penny.

USDA announced 120,800 metric tons of corn exports for delivery to unknown destinations during the 2022/2023 marketing year this morning.

CBOT wheat is down ¹⁄₄ of a penny. KC wheat is up 2¢. Minneapolis wheat is up ¹⁄₄ of a penny.

Bob Linneman with Kluis Commodity Advisors says large wheat crop estimates for India and Australia are currently weighing on wheat prices.

He also says traders are still nervous about the condition of U.S. winter wheat, but updates on the condition of the crop will be available in a few weeks.

Live cattle are down 10¢. Lean hogs are up 15¢. Feeder cattle are down 83¢.

Crude oil is down $3.10 this morning.

“Some traders are starting to get a little nervous with the price action in the energy sector,” Linneman says. “Crude oil and RBOB gasoline struggled recently to gain any ground above the 20-day average. If the US economy is headed for a recession of any kind this year, energy prices are thought to be the first to fall.”

S&P 500 futures are down 40 points. Dow futures are down 164 points.

Outside of the U.S., milling wheat is down on the European MATIF trade. Corn and No. 1 soybeans are up on the Chinese Dalian trade.

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