(Illustration by Nick Scalise)
OMAHA (DTN) – After opening at 8:30 a.m. CST on Wednesday, corn corn is down 2 1/2 cents and corn soybeans are up 10 cents, posting a modest rebound after losing 33 3/4 cents on Tuesday. Wednesday is Day 12 with no reported daily export sales, complicated by the progress of Brazil’s soybean crop. May KC wheat is up 1/2 cent and May Minneapolis wheat is up 1/2 cent. April crude oil is down $0.40 and Dow Jones futures are down 44 points. The US Dollar Index is down 0.53 and Gold is up $9.60 in April. Late-night manufacturing reports for January showed increased activity in China, Australia and several Asian countries, while the euro-zone posted another month of contraction. The US manufacturing index will be released at 9am
Posted 08:36 — Live cattle in April are up $0.08 to $165.55, feed cattle in April are up $0.15 to $195.225, lean hogs in April are up $0.70 to $84.475 down, corn is down 2 3/4 cents a bushel and May soybean meal is up $0.80. The Dow Jones Industrial Average is down 51.61 points. Livestock contracts are trending another day higher this week as the market sees opportunities as corn prices are lower. Meanwhile, the lean hog complex continues to look for a foothold in this week’s market and is under even more pressure as the pork average price closed lower on Tuesday.
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