Soybeans down 17¢ at midday. Thursday, February 1, 2024

March corn is down 2½¢ at midday.

March soybeans are down 17¾¢.

CBOT wheat is up 5¢. KC wheat is down less than a penny. Minneapolis wheat is up 4½¢.

This morning USDA released the weekly Export Sales report. The report says net corn export sales for the week ending Jan. 25 totaled 1,206,700 metric tons for 2023/2024, up 26% from the previous week and 58% from the prior four-week average. This is near the top end of the range today’s number was expected to fall within.

Soybean export sales were pegged at 164,500 metric tons for 2023/2024. USDA says this is a marketing-year low and down 71% from the previous week and 64% from the prior four-week average. This is below expectations.

Net wheat export sales were pegged at 322,500 metric tons for 2023/2024, down 29% from the previous week and 9% from the prior four-week average, according to USDA. This is near the low end of the expected range.

USDA also announced a new export sale to Mexico this morning. Mexico is buying 206,834 metric tons of soybeans for delivery during the 2023/2024 marketing year.

Crude oil is up 95¢.

The U.S. Dollar Index March contract is down to 102.88.

S&P 500 futures are up 38 points. Dow futures are up 205 points.

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