This morning corn is down 1⁄2
a penny while soybeans are down 17¢.
CBOT wheat is down 2¢. KC wheat is down 6¢. Minneapolis wheat is up 2¢.
Al Kluis, managing director of Kluis Commodity Advisors, says this week is a “change-of-trend” week for corn.
“Last year corn prices peaked this week (depending on which contract you chart) between Wednesday and Friday,” he says.”I am watching the $6.04 price level in July 2023 corn as a potential low. I am not bullish on corn, but this sell-off seems way overdone.”
Yesterday the USDA Crop Progress report showed corn planting at 14% complete and soybeans at 9% complete, both ahead of the five-year average. Patti Uhrich, commodity broker with CHS Hedging, says favorable weather and good planting progress is going to pressure corn prices. She adds planting progress and lower crush margins will hurt soybean prices.
Live cattle are down 50¢ this morning. Lean hogs are down 25¢. Feeder cattle are down 35¢.
Crude oil is down $1.48.
S&P 500 futures are down 21 points. Dow futures are down 11 points.