Morning Calls & Comments (1.6.23)
Corn: 2 to 4 cents higher.
Soybeans: 10 to 15 cents higher.
Wheat: SRW 3 to 5 cents higher; HRW and HRS steady to 2 cents higher.
Cattle: Choppy.
Hogs: Choppy to higher.
Corn, soybean and wheat futures firmed on corrective buying overnight. Soybeans and corn finished near their overnight highs despite disappointing (corn) to neutral (soybeans) weekly export sales data, as crude oil firmed and the dollar gave back all of its earlier gains after the December employment data was released. We expect a solidly firmer open in the grain and soy markets this morning amid ideas recent losses have been overdone, though it has been a struggle to sustain buyer interest through daytime trade on pushes to the upside this week.
