Soybeans down 22¢ at midday. Wednesday, February 1, 2023

Corn is still down 4¢ at midday while soybeans have sunk 22¢.

There has been much expectation China would buy soybeans this week.  Naomi Blohm with Total Farm Marketing says says there is talk China bought two or three Brazil March/April soybean cargoes.

Blohm also says the USDA attaché in Argentina made a big cut to the soybean crop, but this is already priced into the market.

CBOT wheat is down 7¢. KC wheat is up a penny. Minneapolis wheat is up 2¢.

Live cattle are down 58¢. Lean hogs are down $2.85. Feeder cattle are down $2.53.

Crude oil is down $1.25.

The U.S. Dollar Index is at 101.56.

S&P 500 futures are down 15 points. Dow futures are down 284 points.

The U.S. Federal Reserve is expected to announce a decision on interest rates today at 2 p.m. ET.

“Markets are pricing in a 0.25 percentage point increase from the Fed with near-certainty,” says Blohm. “This would mark a further deceleration, after it slowed to a 0.5 percentage point increase at its last meeting.”

Corn is currently down 4¢ while soybeans are down 5¢.

CBOT wheat is down 6¢. KC wheat is down 2¢. Minneapolis wheat is down a penny.

Live cattle are down 30¢. Lean hogs are down $2.08. Feeder cattle are down 85¢.

Yesterday afternoon, USDA released the biannual cattle inventory report. Prices had been on the rise this week and traders expected numbers in the report to be friendly.

The report found all cattle and calve inventory as of Jan. 1, 2023 was 3% below last year. Reuters also reports the U.S. beef cow herd specifically is at the lowest level since 1962.

Blohm characterized the report as “supportive, but not over the top bullish to justify a huge breakout higher.” She says a slight correction is expected, but the overall trend is up.

Live cattle prices peaked yesterday morning around $163.40 per hundredweight and are now down to $162.73. Feeder cattle peeked yesterday afternoon near $186.15 and are now down to $185.30.

Crude oil is down 55¢.

S&P 500 futures are down 11 points. Dow futures are down 191 points.

Tags: feeder cattle, lean hogs, soybeans, wheat, futures, сorn, live cattle