Agricultural Market Update – March Prices and Trends

Date: March 8, 2023

Time: 8:31 a.m. CT

Corn and Wheat Prices

This morning, March corn futures are trading slightly lower, down a penny at $4.45 per bushel. In contrast, wheat prices are also showing a downtrend with March CBOT wheat down 3.5 cents at $5.14½ per bushel. Kansas City wheat is down 4 cents, now priced at $5.26¼ per bushel, while Minneapolis wheat is down by less than a penny, trading at $5.70¾.

Movements in Soybean Market

On a positive note, March soybean futures are experiencing an upward movement, showing an increase of 4 cents at $10.65¼ per bushel. This comes amid recent reports of significant soybean purchases, with the USDA announcing that 198,000 metric tons of soybeans have been contracted for unknown destinations for the 2025/2026 marketing year, signaling strong demand.

Livestock Market Updates

In the livestock sector, March feeder cattle prices have risen by 78 cents, now at $358.50 per hundredweight (cwt). Likewise, February live cattle are up 20 cents at $235.48 per cwt, while February lean hogs have decreased, down 78 cents at $85.10 per cwt.

Energy and Currency Update

In the energy markets, February crude oil has seen an uptick, increasing by $1.15 to reach $58.91 per barrel. Additionally, the U.S. Dollar Index for the March contract has risen to 98.86, indicating strengthening of the dollar value.

Published: 8:55 a.m. CT

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