Grains mixed at the open. Friday, April 28, 2023
July corn opened down 2¢ this morning while July soybeans are up 5¢.
CBOT wheat is down 3⁄4 of a penny. KC wheat is down 1⁄4 of a penny. Minneapolis wheat is up 3¢.
Bob Linneman, commodities broker with Kluis Commodity Advisors, says negative news this week hurt prices.
“Many grain futures contracts have fallen below major moving averages and below major levels of support,” he says. “Momentum indicators are deeply oversold in some cases, which is a sign that we are getting close to a low.”
Patti Uhrich, commodity broker for CHS Hedging, says to expect corn trade to be choppy today due to better planting weather.
She also says to expect soybeans to trend lower as planting progress is expected to be good this weekend.
Live cattle are down 5¢ this morning. Lean hogs are up 80¢. Feeder cattle are down 10¢.
Crude oil is up 28¢.
S&P 500 futures are down 2 points. Dow futures are down 40 points.
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