Corn starts day down 5¢. Wednesday, January 4, 2023

This morning corn is down 5¢ while soybeans are up 6¢.

Nick Tsiolis, founder of Farmer’s Keeper, says soybean prices are being supported by the continued dry weather in Argentina. He also notes expectations for Brazil’s crop have been lowered.

According to Commodity Weather Group, showers yesterday only reached half of Argentina’s corn and soybean acres and given the 15-day forecast, stress will expand next week to 65% of planted acres.

CBOT wheat is down 15¢. KC wheat is down 17¢. Minneapolis wheat is down 8¢. Tsiolis says wheat exports reported yesterday were “well below” expectations.

Live cattle are up 68¢. Lean hogs are down 13¢. Feeder cattle are up $1.13.

Crude oil is currently down to $74.34 a barrel. Naomi Blohm with Total Farm Marketing says investors are worried recession could injure oil demand. She also says oil demand on the East Coast to generate electricity has not been as high this winter an originally anticipated.

Blohm says the market is anticipating inventory reports from the American Petroleum Institute today and the U.S. Energy Information Administration tomorrow.

The U.S. dollar, which was wounding prices yesterday, is down to 103.9 this morning.

The S&P 500 is up 17 points. The Dow is up 88 points.

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