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Soybeans end day with 21¢ rally | Thursday, January 26, 2023
Corn ended the day up 7¢.
Soybeans, after being hit hard earlier in the week, ended the day with a 21¢ rally.
Nick Repke with Kluis Commodity Advisors says soybeans were boosted today by the news of increased U.S. soybean exports, higher crude oil prices, and the announcement that Brazil's soybean production is now expected to be 3.7% smaller than previously anticipated because of drought damage.
Naomi Blohm with Total Farm Marketing adds the Brazil harvest is off to a slow start.
"Which gives optimism that U.S. soy exports gain a little extra business in the short term, because it will take longer to get the Brazil beans from the field, to the port, to the rest of the world," she says.
CBOT wheat is up 11¢. KC wheat is up 20¢. Minneapolis wheat is up 8¢.
Live cattle are down $1.03. Lean hogs are up $1.60. Feeder cattle are down $1.
Crude oil is currently up $1.05 to $81.20 a barrel.
S&P 500 futures are up 26 points. Dow futures are up 91 points.
Corn up 7¢ at midday: 11:26 a.m. CST
Corn is currently up 7¢ while soybeans are up 14¢.
CBOT wheat is up 13¢. KC wheat is up 22¢. Minneapolis wheat is up 11¢.
Live cattle are down 18¢. Lean hogs are up $1.58. Feeder cattle are down 13¢.
Crude oil is up $1.32.
The U.S. Dollar Index is at 101.81.
S&P 500 futures are up 20 points. Dow futures are up 68 points.
Grains in the green at the open: 9:17 a.m. CST
Corn is currently up 6¢ while soybeans are up 8¢.
CBOT wheat is up 10¢. KC wheat is up 15¢. Minneapolis wheat is up 9¢.
USDA announced another round of soybean exports this morning, this time for 106,000 metric tons of soybeans to China for the 2023/2024 marketing year.
The USDA weekly export sales report is also out this morning. According to Bob Linneman with Kluis Commodity Advisors, the trade expected corn exports from last week to come in between 600,000 and 1.4 million metric tons. Soybean exports were expected to be between 600,000 and 1.2 million metric tons. Both crops fell within trade expectations.
Net corn sales for 2022/2023 were pegged at 910,400 metric tons. This was down 20% from the previous week but up 46% from the prior four-week average.
Net soybean sales for 2022/2023 were up from the previous week to 1,145,700 metric tons.
Live cattle are down 50¢. Lean hogs are down 58¢. Feeder cattle are down 63¢.
Crude oil is up $1.13.
S&P 500 futures are up 10 points. Dow futures are down 64 points.
