Corn and soybeans up modestly at the open. Friday, January 13, 2023
March corn is currently up a penny while are up less than a penny.
CBOT wheat is up less than a penny. KC wheat is up 7¢. Minneapolis wheat is up a penny.
Live cattle are down 23¢. Lean hogs are down 68¢. Feeder cattle are down $1.33.
Yesterday, USDA released the January World Agricultural Supply and Demand Estimates (WASDE), Annual Crop Production, and Quarterly Grain Stocks reports. The big surprise was the smaller corn and soybean harvests for 2022. Traders were also not expecting U.S. corn, soybeans, and wheat ending stocks to all be down.
Al Kluis with Kluis Commodity Advisors says the 1.6 million acre cut to corn harvested acres is the largest cut to harvested acres in the January report on record. Kluis also says traders were “puzzled” by wold ending stocks for soybeans being up from December.
Crude oil is up 56¢ this morning.
The S&P 500 is down 27 points. The Dow is down 105 points.
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