Grain prices are moving lower again today with corn and wheat sharply lower. Export sales were within trade estimates, but were viewed as overall disappointing. Projections for the corn and soybean crops in Argentina are moving much lower, by as much as 10%, from last week, but as funds sell, grain prices move lower.
At this time in grain markets, corn futures are 6¢ to 7¢ lower, soybean futures are 2¢ to 9¢ lower, and wheat futures are 15¢ to 23¢ lower.
The Buenos Aries Grain Exchange today lowered the projected corn crop by 3.5 million metric tons (mmt) to 41 mmt. The last USDA estimate was at 47 mmt. They dropped the projected soybean crop by 4.5 mmt to 33.5 mmt, this compares to the last USDA estimate at 41 mmt.
In the outside markets this morning, the Dow is down now right at 500 points. Crude oil is down 90¢ per barrel while RBOB gasoline futures and diesel prices are 1¢ to 2¢ per gallon lower.
Livestock futures are higher this morning. March feeder cattle are up 50¢ at $189.67. Live cattle up 22¢ at $165.47. April lean hogs are up 85¢ at $87.05.
