Corn up 4¢ at the open. Thursday, February 2, 2023
Corn opened up 4¢ while soybeans are up 15¢.
CBOT wheat is up 5¢. KC wheat is up 3¢. Minneapolis wheat is up 2¢.
The weekly USDA exports report released this morning pegged corn exports for last week at 1,593,200 metric tons for 2022/2023. This is up 75% from the prior week and exceeded trade expectations by nearly 400,000 metric tons.
Soybean exports were pegged at 736,000 for 2022/2023, within the range traders expected.
Live cattle are up 55¢. Lean hogs are up 65¢. Feeder cattle are up $1.25.
Crude oil is down 46¢.
The U.S. Dollar Index is at 101.43. Bob Linneman with Kluis Commodity Advisors says the U.S. Federal Reserve Board’s 0.25% interest rate hike yesterday sent the dollar down to the lowest level since last April.
He says many economists were expecting a 0.5% increase and the 0.25% increase was viewed as friendly for the market.
S&P 500 futures are up 32 points. Dow futures are down 199 points.
Outside of the U.S., milling wheat is up on the MATIF trade. Corn is down on the Dalian trade while No. 1 soybeans are up.
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