Grains Start the Day Lower

Shortly after the market opened at 8:30 a.m. CT, March corn was down 8½¢.

March soybeans were down 8¢.

March wheat contracts were also down. CBOT wheat was down 13¾¢. KC wheat was down 16¢. Minneapolis wheat was down 11¾¢.

“Grain markets were lower last night as yesterday afternoon President Donald Trump reiterated plans to impose 25% tariffs on Canada and Mexico [starting] Feb. 1,” said Naomi Blohm, senior market advisor at Total Farm Marketing. “This is weighing on grains.” 

Blohm also said it’s important to focus on making cash sales right now. “Grain markets are at a critical juncture of uncertainty,” she said. “Fundamentals are balanced, but a trade war/tariffs might be the leading negative fundamental factor in the short term.”

April live cattle were down 3¢ shortly past 8:30 a.m. CT. March feeder cattle were up 55¢. April lean hogs were down $1.43.

March crude oil was down 22¢.

The U.S. Dollar Index March contract was up to 108.22.

March S&P 500 futures were up 24 points. March Dow futures were up 104 points.

Published: 9:08 a.m. CT