Corn hovering around unchanged. Tuesday, January 9, 2023
March corn is currently flat.
March soybeans are down 3¾¢.
CBOT wheat is up 10¢. KC wheat is up 13¢. Minneapolis wheat is up 9¼¢.
“A lack of bullish immediate news is weighing on corn and soybeans this morning,” says Naomi Blohm, senior market advisor with Total Farm Marketing. “Funds look to punish weak longs in the market by continuing to sell for technical reasons into Friday’s report. The market is very oversold.”
On Friday the January World Agriculture Supply and Demand Estimates (WASDE) report will be released. Look for possible changes to ending stocks as well as USDA’s estimates for corn and soybean production out of South America.
Also expected on Friday is the Annual Crop Production report, which may contain updated numbers for U.S. 2023/2024 corn and soybean production. The quarterly Grain Stocks report is also expected Friday.
Live cattle are up $1.05 this morning. Feeder cattle are up 90¢. Lean hogs are up $1.45.
Crude oil is up $1.00.
S&P 500 futures are down 19 points. Dow futures are down 232 points.
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