Grains in the red at market open. Tuesday, March 7, 2023
Corn is currently down 3¢, while soybeans are down 5¢.
CBOT wheat is down 3¢. KC wheat is down a penny. Minneapolis wheat is down 9¢.
Al Kluis with Kluis Commodity Advisors says he doesn’t expect USDA’s report tomorrow to reduce Argentina’s corn and soybean crop sizes as much as the trade is expecting.
Given Monday’s soybean rally, he says this sets the stage for a negative response in the soybean market later this week.
Live cattle are down 5¢. Lean hogs are up 5¢. Feeder cattle are up 10¢.
Crude oil is down 56¢.
Milling wheat is down on the European MATIF trade. Corn and No. 1 soybeans are down on the Chinese Dalian trade.
S&P 500 futures are down 3 points. Dow futures are down 28 points.
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