Grain prices mixed at the open. Wednesday, January 25, 2023
Corn is slightly above flat this morning while soybeans are down 4¢.
Nick Tsiolis with Farmer’s Keeper says soybeans are still getting hit by the forecast for rain in Argentina.
CBOT wheat is up 9¢. KC wheat is up 14¢. Minneapolis wheat is up 8¢.
Live cattle are down 25¢. Lean hogs are down 40¢. Feeder cattle are down 15¢.
New export sales were announced this morning. USDA reported new sales of 100,000 metric tons of corn and 130,000 metric tons of soybeans for delivery to unknown destinations for the 2022/2023 marketing year.
Bob Linneman with Kluis Commodity Advisors says as of this week export inspections for corn are behind the season pace by 148 million bushels. He says while things are moving in the right direction, it is unclear if that will continue once the South American crop is harvested.
Crude oil is up 11¢ this morning.
The U.S. Dollar Index is at 101.55.
S&P 500 futures are down 56 points. Dow futures are down 294 points.
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