Soybeans up 11¢, regaining some of Tuesday’s loss. Wednesday, March 1, 2023

This morning corn is down 2¢ but soybeans are up 11¢, taking back some of what was lost yesterday.

Naomi Blohm with Total Farm Marketing says China’s official manufacturing Purchasing Managers Index (PMI) rose to 52.6 in February from 50.1 in January. She says this is the fastest expansion in over a decade and a key measure of Chinese growth.

“Better than expected China PMI data suggested to some the economy is finally showing some post-COVID growth [and] is supportive to beans today,” she says.

CBOT wheat is up ¹⁄₂ of a cent. KC wheat is up ¹⁄₄ of a cent. Minneapolis wheat is flat.

Live cattle are up 30¢. Lean hogs are down $1.00. Feeder cattle are up 88¢.

Crude oil is currently down 31¢.

S&P 500 futures are down 2 points. Dow futures are up 33 points.

Outside of the U.S., milling wheat is down on the MATIF trade. Corn and soybeans are also down on the Dalian trade.

Dryness has taken a stronghold in Argentina yet again. According to Commodity Weather Group, nearly three fourths of corn and soybeans are under drought stress with the best chance for relief likely to only hit the southwest one third of the country in the next 11 to 15 days.

Commodity Weather Group also forecasts good soybean harvest and corn planting progress this week in northern Brazil but then rains will return.

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