Grains mixed ahead of WASDE. Friday, January 12, 2023

March corn is currently down by a penny.

March soybeans are up 4¼¢.

CBOT wheat is down slightly. KC wheat is down 4¢. Minneapolis wheat is down 2¢.

This morning at 11 a.m. CST USDA is set to release four different reports traders will be watching: the January World Agricultural Supply and Demand Estimates (WASDE) report, the Annual Crop Production report, the quarterly Grain Stocks report, and the Winter Wheat and Canola Seedings report.

“This is a big day for the commodities, with USDA making its biggest data dump of the year for the food-based commodities today at noon Eastern Time,” says Arlan Suderman, chief commodities economist for StoneX. “There are bound to be surprises due to the large volume of numbers being released.

“Key data will include revisions to U.S. 2023 corn and soybean production estimates, revisions to South American production estimates, Dec. 1 quarterly grain stocks survey results, USDA’s winter wheat seedings survey results, and updates to USDA’s domestic and global balance sheets.

“We could possibly see USDA surprise the trade with a cut in U.S. soybean exports due to the slow pace of shipments as our peak export season comes to a close, while the agency could increase ethanol demand for corn. This report will set the tone leading up to USDA’s March 28 planting intentions survey results release.”

Crude oil is up $1.58.

S&P 500 futures are up 3 points. Dow futures are down 141 points.

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