Corn Ends Week up Over 20¢ | Friday, January 13, 2023

Analyst says with USDA reports not being supportive enough to create a huge price rally, trade focus is back to weather and demand.

By

Cassidy Walter

Published on January 13, 2023

Corn closed at $6.76 a bushel, more than 20¢ higher than where corn started the week.

Soybeans are up more than 30¢ from where they started the week. Closing price today was $15.28 a bushel.

READ MORE: Future of milk: high prices cure high prices

CBOT wheat is up a penny for the day. KC wheat is up 8¢ for the day. Minneapolis wheat is down 5¢ for the day.

Live cattle closed the day up 30¢. Lean hogs are down 23¢. Feeder cattle are down $1.48.

Crude oil is up $1.32.

The S&P 500 is up 4 points. The Dow is up 24 points.

NOTE: Markets are closed on Monday in honor of Martin Luther King Junior Day and resume Monday night.

Soybeans up 9¢ at midday: 11:09 a.m.

Corn is up 2¢ while soybeans are up 9¢.

CBOT wheat is down 4¢. KC wheat is up 6¢. Minneapolis wheat is down 4¢.

Live cattle are down 40¢. Lean hogs are up 35¢. Feeder cattle are down $2.10.

Naomi Blohm with Total Farm Marketing says while yesterday's USDA reports were supportive for prices, they were not supportive enough to justify a huge rally, and focus has shifted back to watching weather and demand.

Crude oil is up $1.04.

The U.S. Dollar Index is currently at 102.1.

The S&P 500 is currently down 15 points. The Dow is down 11 points.

Corn and soybeans up modestly at the open: 9:05 a.m.

March corn is currently up a penny while soybeans are up less than a penny.

CBOT wheat is up less than a penny. KC wheat is up 7¢. Minneapolis wheat is up a penny.

Live cattle are down 23¢. Lean hogs are down 68¢. Feeder cattle are down $1.33.

READ MORE: Surprising traders, USDA reports smaller corn and soy harvests and shorter supplies

Yesterday, USDA released the January World Agricultural Supply and Demand Estimates (WASDE), Annual Crop Production, and Quarterly Grain Stocks reports. The big surprise was the smaller corn and soybean harvests for 2022. Traders were also not expecting U.S. corn, soybeans, and wheat ending stocks to all be down.

Al Kluis with Kluis Commodity Advisors says the 1.6 million acre cut to corn harvested acres is the largest cut to harvested acres in the January report on record. Kluis also says traders were "puzzled" by wold ending stocks for soybeans being up from December.

Learn more about what the USDA reports revealed here.

Crude oil is up 56¢ this morning.

The S&P 500 is down 27 points. The Dow is down 105 points.

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