Corn and soybeans in the red. Friday, February 2, 2024

March corn is currently down less than a penny.

March soybeans are down 2½¢.

CBOT wheat is up 7¼¢. KC wheat is up 10¼¢. Minneapolis wheat is up 6¼¢.

“Grain and oilseed prices immediately came under pressure following the release of this morning’s jobs numbers as the dollar surged higher along with Treasury yields on the expectation that the Federal Reserve would keep rates higher for longer to bring down inflation, reducing demand for U.S. commodities,” says Arlan Suderman, chief commodities economist for StoneX. “Export demand for U.S. commodities is already soft, and today’s surge in the dollar won’t help matters.

“Furthermore, today’s data reinforces the commodity deflation mantra that has been in place for nearly two years. I still expect that sentiment to flip later in the year, but for now, it is well-entrenched, with today’s data supporting it. Nevertheless, wheat prices have thus far maintained modest overnight gains on ideas that it is already cheap, and that quality milling supplies are tightening.”

Livestock are mixed this morning. Live cattle are up 10¢. Feeder cattle are down 10¢. Lean hogs are up 23¢.

Crude oil is down $1.52.

S&P 500 futures are up 15 points. Dow futures are down 139 points.

Tags: live cattle, feeder cattle, lean hogs, corn, soybeans, wheat, futures