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KC wheat closes up 2% | Friday, January 20, 2023

At the close, corn is nearly flat, down 0.2 of a cent. 

Soybeans are down 6¢. 

CBOT wheat closed up 8¢. KC wheat is up 17¢, over 2%. Minneapolis wheat is up 9¢. 

Nick Tsiolis, founder of Farmer's Keeper, says today's USDA export report pegged wheat exports higher than expected, supporting wheat prices. 

USDA said wheat exports for last week were at 473,100 metric tons for 2022-2023. This is up from the previous week and up 99% from the prior four-week average, USDA says. 

Cory Bratland with Kluis Commodity Advisors says in the last few weeks, traders have been pushing the spread between Chicago wheat and Kansas City wheat closer together and today some unwinding of that is going on. 

Live cattle are up 80¢. Lean hogs are up $1.53. Feeder cattle are up 83¢. 

Crude oil is up $1.06. 

S&P 500 futures are up 62 points. Dow futures are up 253 points. 

Wheat up 6¢ at midday; grains still mixed: 11:40

At midday, corn is down less than a penny while soybeans are down 6¢. 

CBOT wheat is up 6¢. KC wheat is up 12¢. Minneapolis wheat is up 7¢. 

Bob Linneman with Kluis Commodity Advisors says news yesterday that Chinese corn imports for 2022 were down 27.3% compared to 2021 is bearish and "will be amplified by strong production out of South America in coming months."

Live cattle are up 58¢. Lean hogs are up $1.38. Feeder cattle are up $1.23. 

Crude oil is up $1.07. 

The U.S. Dollar Index is at 101.9. 

The S&P 500 is up 35 points. The Dow is up 124 points. 

Grains open quietly mixed: 9:12 a.m. 

This morning, corn is down a penny. Soybeans are up 2¢. 

CBOT wheat is down 2¢. KC wheat is down a penny. Minneapolis wheat is down a penny. 

Live cattle are up 20¢. Lean hogs are up 50¢. Feeder cattle are up 38¢. 

USDA released the weekly export sales report this morning. Linneman says the expectation for corn exports was between 250,000 and 800,000 metric tons. The report pegged corn exports for last week at 1.13 metric tons. The expectation for soybean exports was between 600,000 and 1.2 million metric tons. USDA pegged soybean exports at 986,200 metric tons. 

Commodity Weather Group says rain is in store for Argentina this weekend. Southwest Argentina was hit by a thunderstorm this morning and it is moving across the south and will reach parts of NW Argentina in a couple of days. 

Commodity Weather Group says Argentina is in store for half and inch to two inches of rain in the next six to 10 days. 

China's Lunar New Year begins this Sunday. Naomi Blohm with Total Farm Marketing says the country will likely do little grain buying for the next two weeks. 

Crude oil is down 6¢. 

The S&P 500 is up 13 points. The Dow is down 58 points. 

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