Grains sinking at start of week. Monday, January 8, 2023
March corn is down 5¾¢ this morning.
March soybeans are down 12¼¢.
CBOT wheat is down 19¾¢. KC wheat is down 15¢. Minneapolis wheat is down 9¾¢.
“Grain and soybean futures mostly came under further pressure overnight, with wheat futures weakest amid continued weak export demand for U.S. wheat and snow/rain in the U.S. hard red winter wheat belt,” said The Brock Report prior to the 8:30 a.m. open. “Corn and soybean futures have been pressured further by favorable Brazilian weather forecasts, weak export demand and technical selling. Crude oil futures weakness has also weighed on grain and cotton futures, which are showing modest losses.”
This morning crude oil is down $3.20.
Livestock are providing some green on the charts this morning. Live cattle are up $2.28. Feeder cattle are up $3.45. Lean hogs are up 8¢.
S&P 500 futures are up 22 points. Dow futures are down 63 points.
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