Soybeans down 3rd day in a row. Thursday, March 23, 2023

Corn is up 8¢ while soybeans are down 12¢.

CBOT wheat is up 7¢. KC wheat is up 13¢. Minneapolis wheat is up 11¢.

USDA announced another new sale of corn to China this morning, this time for 123,000 metric tons for the 2022/2023 marketing year.

The weekly exports report was also released this morning. Corn exports for last week were pegged within trade expectations at 3,095,900 metric tons for 2022/2023. According to USDA, this is a marketing-year high and is up “noticeably” from the previous week and the prior 4-week average.

Soybean exports came in significantly below expectations at 152,500 metric tons for 2022/2023, down 77% from the previous week and 55% from the prior 4-week average.

Live cattle are currently down 18¢. Lean hogs are down $1.15. Feeder cattle are down 80¢.

Crude oil is up 58¢.

S&P 500 futures are up 31 points. Dow futures are up 193 points.

Yesterday the U.S. Federal Reserve announced a 0.25% increase in interest rates.

Bob Linneman, commodities broker with Kluis Commodity Advisors, says, “The commentary after the decision indicated the Fed is prepared to make changes to their policy if ‘risks emerge that could impede the attainment of the Committee’s goals.’ In other words, if any more bank failures occur, they will move quickly to stabilize the U.S. financial system.”

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