Posted at 10:41am – Wednesday morning early gains are mostly gone. March Corn is down 2 1/4 cents and March Soybeans are down 14 1/4 cents while March Soybean Meal is down $5.50. Argentina expects two days of triple-digit temperatures before the next front moves in with increased rain probabilities for disputed amounts over the following seven days. March soybean oil is trading half a cent higher, helped by a 1.9% gain in palm oil in March and crude oil trading around $1.33 in March. KC March Wheat is down 3 1/4 cents and Minneapolis March Wheat is down 6 1/4 cents. Dow Jones futures are down 360 points with more earnings reports due Wednesday. The US Dollar Index is down 0.24. Surprisingly, natural gas is down over 10 cents in March and is approaching $3.00 per million Btus after peaking at $8.37 in May.
Posted at 8:34 am – After Wednesday’s open at 8:30 am CST, row crops are trading lower with snow in Nebraska and rain in Kansas, Oklahoma and Missouri, with 10 days of increased precipitation in the central and southern US plains begin. Corn is down 2 cents in March and soybeans are down 5 cents in March. March KC wheat is up 4 1/2 cents and March Minneapolis wheat is up 1 cent. Crude oil rose $1.79 in February after the International Energy Agency said it expected record global demand for oil in 2023, amid previous recession fears. Dow Jones futures are up 78 points, the US Dollar Index is down 0.85 and gold is up $17.90 in February. The US Department of Labor said producer prices fell 0.5% in December but rose 6.2% from a year earlier, less than expected. US industrial production fell by 0.7% in December.
Posted at 11:39 am — February live cattle are up $0.03 to $157.025, March feed cattle are up $0.80 to $182.1, February lean hogs are up $1.25 Down $77.2, corn is down 5 3/4 cents a bushel in March and soybean meal is down $8.50 in March. The Dow Jones Industrial Average is down 401.80 points. With corn prices trending down, cattle contracts are now trading higher as they see this as an opportunity to seize. It is still early in the week for trading in the cash cattle market but serious trading offers are expected to develop on Thursday.
Posted at 8:33am – Live Cattle up $0.13 in February to $157.125, Feed Cattle up $0.23 in March to $181.525, Lean Hogs up $0.83 in February to $77.625, Corn in March by 2 cents a bushel and soybean meal in March by $3.20. The Dow Jones Industrial Average is up 73.40 points. Early in trading on Wednesday, livestock contracts will continue to look for support, particularly in the form of packaged beef prices and any developments in the cash market. With the market looking more promising early on Wednesday, feedlots are hoping that the spot market could trade steady.
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