Grains in the green before USDA report. Wednesday, February 8, 2023
Corn is up a penny while soybeans are up 4¢.
CBOT, KC, and Minneapolis wheat are all up 6¢.
The USDA World Agricultural Supply and Demand Estimates (WASDE) report is due this morning at 11 a.m. CST.
Bob Linneman with Kluis Commodity Advisors says traders expect the report to reduce corn and soybean world ending stocks and slightly increase wheat stocks. He says changes to South America production numbers will also be key.
While prices have been down this week compared to last week, he says “If the data today does not have any major surprises, then we could see the bullish trend resume to at least test the highs hit last week.”
Live cattle are down 18¢. Lean hogs are down 53¢. Feeder cattle are down 43¢.
Crude oil is up 85¢.
S&P 500 futures are down 21 points. Dow futures are down 104 points.
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