(Illustration by Nick Scalise)
OMAHA (DTN) – Corn is up 1/4 cents and May soybeans are down 7 1/4 cents. May KC wheat is down 13 1/4 cents and May Minneapolis wheat is down 11 cents. April crude oil is down $0.01 and Dow Jones futures are down 13 points. The US Dollar Index is down 0.13 and Gold is up $5.30 in April. Corn gets a little support from another USDA-reported sale of US corn to China — a total of 178,000t (7mb) was sold for 2022-23, bringing the total to China over the past two weeks to almost 97mb. Wheat, soybeans and soy flour remain under heavy pressure, with soy weakness likely the result of further long liquidations in the fund.
Posted at 8:34 am — June live cattle down $0.63 to $155.525, April feed cattle down $0.53 to $194.175, June lean hogs down $0.73 to $90.625 down, corn is down 1 3/4 cents a bushel and May soybean meal is down $5.60. The Dow Jones Industrial Average is up 35.13 points. Broadly speaking, livestock got off to a lower start Wednesday morning, although some forage livestock contracts are trying to keep Tuesday’s momentum alive. After trading higher throughout the complex on Tuesday, the market is likely to be pressured into either maintaining this trend or going sideways on Wednesday as traders continue to look for direction.
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