Soybeans open up 5¢. Thursday, February 9, 2023

This morning corn is down ¹⁄₂ a cent and soybeans are up 5¢.

CBOT wheat is down 2¢. KC wheat is down 8¢. Minneapolis wheat is down 4¢.

With yesterday’s USDA report having little impact on the markets, experts say attention turns back to South America.

Al Kluis with Kluis Commodity Advisors says given the cuts to Argentina’s production in yesterday’s report he expects further cuts next month.

Commodity Weather Group says showers will continue to keep Brazil’s soybean harvest behind average. The group also forecasts roughly ²⁄₃ of Argentina will see rain later in the weekend and next Tuesday.

USDA’s weekly export report is out this morning. Corn exports fell within trade expectations but soybeans are below.

Last week net corn exports were reported at 1,160,300 metric tons for 2022/2023. Corn exports were down 27% from the previous week, but up 19% from the prior four-week average.

Net soybean exports were at 459,400 metric tons for 2022/2023. Soybean exports were down 38% from the previous week and 49% from the prior four-week average.

Live cattle are down 23¢. Lean hogs are up 25¢. Feeder cattle are down 55¢.

Crude oil is down 93¢.

S&P 500 futures are up 28 points. Dow futures are up 227 points.

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