Corn and wheat start week in the red. Tuesday, January 16, 2023
March corn is currently down 3½¢.
March soybeans are hovering around unchanged, currently up just slightly.
CBOT wheat is down 12½¢. KC wheat is down 11¢. Minneapolis wheat is down 6¢
“Last Friday’s [World Agricultural Supply and Demand Estimates (WASDE)] report left the corn and soybean markets scrambling as domestic yields increased, end stocks substantially increased, and Brazilian production did not decrease as much as the trade anticipated,” says Jeremy McCann, account manager with Farmer’s Keeper. “The only positive news we saw was wheat end stocks decreasing as well as lower winter wheat plantings but it was still not substantial enough to close positively on the day.
“…Moving forward we will be relying on positive changes to domestic demand (higher cattle on feed, higher ethanol production, and higher soybean crush production). Of course, we will welcome any export news but as Brazil begins to harvest their soybean crop it becomes increasingly likely that buyers will go to them before buying American products. The outlook is rather bleak for both old and new crop.”
On a positive note, USDA announced a new export sale to Mexico this morning. The country at the U.S. southern border is buying 126,700 metric tons of corn for the 2023/2024 marketing year.
Crude oil is down 65¢.
S&P 500 futures are down 3 points. Dow futures are down 125 points.
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