Soybeans down 10¢. Friday, March 17, 2023

This morning corn is up 3¢ while soybeans are down 10¢.

CBOT wheat is up 8¢. KC wheat is up 12¢. Minneapolis wheat is up 8¢.

Live cattle are down 48¢. Lean hogs are down $1.48. Feeder cattle are down 55¢.

USDA announced another corn sale this morning. China is purchasing 191,000 metric tons for the 2022/2023 marketing year. This is the fourth day in a row USDA has announced corn sales to China.

“Corn futures trading lower yesterday and then closing higher is a good sign for the bull camp,” says Bob Linnman, commodities broker with Kluis Commodity Advisors. “However, the lack of big money flow into the corn market after a monster cumulative corn sale to China is a concern. The headline from yesterday (China is suspected of buying 1.5 million metric tons of Brazilian second-crop corn) likely took much of the wind out of the sails for the bulls.”

Crude oil is down $1.36. Linneman says crude oil has slid nearly $12 this week from the high on Monday to the low on Wednesday.

“Grain traders would like to see crude oil start to move higher, or we will start to hear more about how a bigger decline in crude oil will impact ethanol,” he says.

S&P 500 futures are down 19 points. Dow futures are down 257 points.

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