Wheat up 10¢ at midday. Wednesday, January 11, 2022

CBOT wheat is up 10¢. KC wheat is up 9¢. Minneapolis wheat is up 3¢.

Live cattle are down 13¢. Lean hogs are down 45¢. Feeder cattle are down 70¢.

Crude oil is currently up $2.42.

The U.S. Dollar Index is at 103.1.

Tomorrow the USDA World Agricultural Supply and Demand Estimates (WASDE), Crop Production, and Grain Stocks reports come out. Naomi Blohm with Total Farm Marketing says depending on what happens tomorrow, corn may break out of its current pennant flag formation and go either higher or lower.

“If the breakout is lower, look for prices to drop over time approximately 75¢,” she says. “If the report is friendly, corn prices will likely climb 75¢ over time and re-test the summer highs.”

This morning, corn is up a penny while soybeans are up 11¢.

CBOT wheat is flat. KC wheat is down 3¢. Minneapolis wheat is down a penny.

Live cattle are down 15¢. Lean hogs are down 30¢. Feeder cattle are down 38¢.

Crude oil is up $1.11.

The U.S. Dollar Index is at 102.97.

Bob Linneman with Kluis Commodity Advisors says there have been reports of Argentina actively trying to buy Brazilian soybeans, possibly confirming just how bad production conditions are in the country.

According to Commodity Weather Group northern Argentina will see scattered showers Thursday and western Argentina will see rain late next week, but stress persists for two-thirds of the country’s corn and soy acres for the next 10 days.

The S&P 500 is up 21 points. The Dow is up 82 points.

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