Soybeans open down 6¢. Friday, March 10, 2023
This morning corn is up 2¢ while soybeans are down 6¢.
CBOT wheat is up 4¢. KC wheat is up 3¢. Minneapolis wheat is down 1⁄4 of a penny.
Naomi Blohm, senior market advisor with Total Farm Marketing, says funds are in a “get out of dodge” sell mode and it is dragging commodity prices down.
She says funds were spooked by speculations of another interest rate hike and when word got out that one U.S. bank lost $1.8 billion selling U.S. Treasury bonds when interest rates were low.
“For now the actual fundamentals of the market are being ignored,” she says. “Short term technical selling and fund selling are front and center. When will it stop? I’m not sure. Sometimes these things are short term flukes and we will actively watch to see if corn will hold support at $6.00. Today’s close is important.
“If the grain corridor deal is not extended next week, that might make the market start to rally and actually trade fundamentals.”
Live cattle are down 3¢. Lean hogs are up 90¢. Feeder cattle are down 65¢.
Crude oil is down 16¢.
S&P 500 futures are down 19 points. Dow futures are down 83 points.
Outside of the U.S., milling wheat is down on the MATIF trade and corn is down on the Dalian trade. Soybeans are up on the Dalian trade.
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