Corn up a penny at the open. Monday, February, 6, 2023
March corn futures are up a penny while soybeans are down 2¢.
CBOT wheat is up 6¢. KC wheat is up 11¢. Minneapolis wheat is up 4¢.
Live cattle are down 8¢. Lean hogs are down $1.25. Feeder cattle are up 23¢.
Fresh corn exports were announced this morning. Japan is buying 111,800 metric tons of corn for the 2022/2023 marketing year. Mexico is buying 100,000 metric tons for delivery during the 2022/2023 marketing year and 100,000 metric tons for the 2023/2024 marketing year.
Al Kluis with Kluis Commodity Advisors says the collapse of bullish corn prices is evidence that demand is shifting to South America.
According to Commodity Weather Group, Argentina is likely to have a dry week while rains in Brazil are slowing up soy harvest.
The USDA World Agricultural Supply & Demand Estimates report comes out this Wednesday, Feb. 8. Naomi Blohm with Total Farm Marketing says the February report is usually a “dud” with few changes from January’s report.
Crude oil is up 20¢ this morning.
S&P 500 futures are down 25 points. Dow futures are down 165 points.
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