Soybeans open down 6¢. Wednesday, March 22, 2023
Corn is down 1⁄4 of a penny this morning. Soybeans are down 6¢.
USDA announced another corn sale this morning to China for 178,000 metric tons for the 2022/2023 marketing year.
CBOT wheat is down 15¢. KC wheat is down 13¢. Minneapolis wheat is down 11¢.
Live cattle are down 58¢. Lean hogs are down 70¢. Feeder cattle are down 40¢.
Crude oil is down 2¢.
S&P 500 futures are down 5 points. Dow futures are down 30 points.
Today the U.S. Federal Reserve is expected to make an announcement on interest rates.
“The recent bank failures have led many analysts to change their predictions for this meeting,” says Bob Linneman, commodities broker with Kluis Commodity Advisors. “Further rate hikes could put more banks at risk of failing, which would likely lead to a very volatile time for the outside markets.”
Naomi Blohm, senior market advisor with Total Farm Marketing, says, “If the Fed does want to instill some form of confidence in the banking system, another nominal raise, like 25 basis points, could do just that. The theory is the banks’ failures so far were all unique and the larger financial system can handle more.”
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