Corn down nearly 2¢. Tuesday, February 6, 2024

March corn is down 1¾¢.

March soybeans are up 2½¢.

CBOT wheat is down 1½¢. KC wheat is flat. Minneapolis wheat is up by less than a penny.

“Corn and soybean futures edged higher in quiet early trading on support from pre-USDA report speculative position evening and technically-driven short covering,” says The Brock Report. “Wheat futures ended early trade narrowly mixed as they struggled to gain upward traction amid continued pressure from a lack of demand in the world market and low-priced Black Sea region exports.”

This Thursday USDA is expected to release the February World Agricultural Supply and Demand Estimates (WASDE) report. Nick Paumen, commodity broker with CHS Hedging, says Brazil’s agricultural agency CONAB is also expected to release it’s latest report.

“The pre-report estimates for production estimates in South America are wider than normal,” says Bob Linneman, commodities broker for Kluis Commodity Advisors. “The early season hot and dry conditions has some analysts expecting larger cuts. Even if the reports show numbers near the bottom end of expectations, the combined soybean production for Brazil and Argentina would still be 198 million metric tons. This is why the world number has increased so much since last year.”

Cattle are in the green this morning. Live cattle are up $1.08. Feeder cattle are up $1.28. Lean hogs are down 50¢.

Crude oil is up 66¢.

S&P 500 futures are down a point. Dow futures are up 74 points.

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