Morning Calls & Comments (1.4.23)
Corn: 3 to 5 cents lower.
Soybeans: 5 to 10 cents higher.
Wheat: 6 to 10 cents lower.
Soybean and soymeal futures posted corrective gains overnight, though soybeans came well off their session highs. Corn and wheat futures faced followthrough selling amid technical-based price action and pressure from falling crude oil prices. Front-month crude oil futures are around $2 lower this morning. the U.S. dollar index is down around 500 points. Concerns over the rapid spread of Covid in China continue to hang over markets, though the broad risk aversion seen on Tuesday wasn’t as prevalent overnight.