Soybeans above $15 ahead of USDA reports. Thursday, January 12, 2023

This morning, corn is down 2¢ while soybeans are up 12¢.

CBOT wheat is down 7¢. KC wheat is down 4¢. Minneapolis wheat is up 2¢.

Live cattle are down 33¢. Lean hogs are down 45¢. Feeder cattle are down 53¢.

At 11 a.m. CT, USDA is releasing the Annual Crop Production Report, the January World Agricultural Supply and Demand Estimates (WASDE), and the Quarterly Grain Stocks report.

Bob Linneman with Kluis Commodity Advisors says traders are expecting USDA to report yields slightly higher and decreased exports. He says winter wheat seedings are expected to be at a seven-year high at a time when the winter wheat crop condition ratings are the poorest since the 1970s.

Linneman also says U.S. ending stocks are anticipated to rise for corn, soybeans, and wheat, and South American data should reflect production declines in Argentina and increases in Brazil.

Also out this morning is the weekly exports report. Net corn sales were at 255,700 metric tons for 2022-2023, down 20% from the previous week and 62% from the prior 4-week average. The trade’s expectation for corn exports was between 300,000 and 1 million metric tons.

Net soybean sales were at 717,400 metric tons for 2022-2023, down 1% from the previous week and 41% from the prior 4-week average. This was within the trade’s expectation range of 500,000 and 1.2 million tons.

The S&P 500 is currently down 32 points. The Dow is down 178 points.

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