# First Thing Today | May 4, 2023 - Pro Farmer

> Corn, soybean and wheat futures gave back part of Wednesday's gains in overnight trade, with corn 2 to 3 cents lower, soybeans 4 to 6 cents lower, and HRW wheat 8 to 9 cents lower by 6:30 a.m. CT. The U.S. dollar index was more than 150 points lower and crude oil was roughly unchanged. Traders also weighed the Federal Reserve's final rate hike and signaled pause, which analysts said points toward eventual rate cuts.

- Date: 2023-05-04 · published 2023-05-04T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/6376-first-thing-today-may-4-2023-pro-farmer
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Overnight declines follow a strong prior session and reflect routine profit-taking, with a weaker dollar offering only partial support. The Fed pause outlook is a secondary factor for grain prices through its effect on the dollar and economic growth.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Sources

- profarmer.com: https://www.profarmer.com/news/agriculture-news/first-thing-today-may-4-2023

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.