At the market open corn is up 3¢ while soybeans are down 9¢.
CBOT and KC wheat are up 4¢. Minneapolis wheat is up 3¢.
Al Kluis, managing director of Kluis Commodity Advisors, says yesterday’s May corn close above $6.20 signals a major seasonal low. He says the next test is closing above $6.45.
This morning USDA announced new exports of 667,000 metric tons of corn to China during the 2022/2023 marketing year.
The Black Sea Grain Initiative is set to expire at the end of this week. Nick Tsiolis, founder of Farmer’s Keeper, says he is watching to see if it is renewed for 60 days like Russia wants or 120 days.
He says there is incentive on both sides to strike a deal before the deadline.
Live cattle and lean hogs are down 25¢. Feeder cattle are down 30¢.
Crude oil is currently down $2.91.
S&P 500 futures are down 56 points. Dow futures are down 492 points.
Milling wheat is up on the European MATIF trade. On the Chinese Dalian trade corn and soybeans are down.
In South America, according to Commodity Weather Group, at least half of Argentina is favored to maintain late drought stress. Brazil is expected to get a gradual downturn in showers, especially next week, that will aid fieldwork in central Brazil.