Grain prices are lower in early trade, giving back some of yesterday’s gains. The U.S. stock market has turned higher after a lower start and crude oil prices are slightly lower.
Corn futures are 2¢ lower, soybean futures are 5¢ to 7¢ lower, and wheat futures continue to drop and are now 4¢ to 21¢ lower with KC wheat getting pounded lower.
The weather in Argentina is still dry and many private analysts are taking the crop projections lower again.
In the outside markets, Dow futures are up over 50 points. Crude oil is down 80¢ per barrel while RBOB gasoline futures and diesel futures are down 1¢ to 2¢ per gallon.
Livestock futures are mixed this morning. March feeder cattle are down 67¢ to $186.20. Live cattle are down 50¢. After posting a $3.00+ rally yesterday, lean hogs are down $1.20 to $1.50.
