Corn down 5¢ this morning. Wednesday, February 7, 2024

March corn is down 5¾¢ this morning.

March soybeans are down 16¼¢.

CBOT wheat is up slightly. KC wheat is down 5¢. Minneapolis wheat is down 2¢.

“A sense of gloom pervades the market ahead of tomorrow’s flurry of reports, as if it’s already ‘dialing in’ bearish numbers,” says the Commstock Report. “Ironically, that tilts the odds against further losses even if pessimism is confirmed. When the trade ‘sells the rumor’ and finds few left willing to sell, short-covering can ensue. It seems like grasping at straws, but that’s where we’re at right now.”

Live cattle are down 33¢. Feeder cattle are up $1.43. Lean hogs are up $1.60.

Crude oil is up 30¢.

S&P 500 futures are up 20 points. Dow futures are up 69 points.

Outside of the U.S., milling wheat is down on the MATIF trade. Corn and soybeans are up on the Dalian trade.

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