Soybeans down 24¢; grains in the red. Monday, January 23, 2022

Corn is starting the day off down 10¢ and soybeans are down 24¢.

CBOT wheat is down 17¢. KC wheat is down 21¢. Minneapolis wheat is down 16¢.

The anticipated rains hit central and south Argentina this weekend and more rain is expected later this week, according to Commodity Weather Group.

The group says short-term stress is down to less than 20% of Argentina’s corn and soybean acres and will decrease over the next 10 days.

Al Kluis with Kluis Commodity Advisors says he expects lower prices this week given improved weather conditions in Argentina and a lack of activity out of China durning Chinese New Year.

USDA announced 192,000 metric tons of new soybean exports to unknown destinations for the 2022/2023 marketing year this morning.

Live cattle are up 83¢. Lean hogs are up 13¢. Feeder cattle are up $2.35.

Crude oil is up 44¢ this morning.

The U.S. Dollar Index is at 101.96.

S&P 500 futures are up 17 points. Dow futures are up 36 points.

Outside of the U.S., milling wheat is down on the European MATIF trade. On the Chinese Dalian trade corn is down while No. 1 soybeans are up.

Tags: live cattle, feeder cattle, lean hogs, soybeans, wheat, сorn