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Corn is starting the day down 4¢. Soybeans are down 3¢.
CBOT wheat is down 12¢. KC wheat is down 11¢. Minneapolis wheat is down 9¢.
Analysts say the trade is paying attention to news surrounding Ukraine and trade in the Black Sea region, with Nick Tsiolis, founder of Farmer’s Keeper, saying, “Weather scares are expected at this point in the year, but we also have to add day-to-day news of the Black Sea Grain Initiative to the list of reasons for the market to bounce up and down right now.”
According to Reuters, Poland, Hungry, and Slovakia banned Ukrainian imports earlier this week, but yesterday Ukraine reached an agreement with Poland to allow for passage of grain through the country.
The Brock Report says “Easing concerns about Ukrainian grain exports have also weighed on corn and wheat futures after Ukraine said inspections of ships traveling though the Black Sea export corridor have resumed.”
Live cattle are up 50¢. Lean hogs are up 5¢. Feeder cattle are up 60¢.
Crude oil is down $1.60.
S&P 500 futures are down 18 points. Dow futures are down 152 points.
