Corn is starting the day up 5¢.
Soybeans are up 11¢.
CBOT wheat is up 7¢. KC wheat is up 9¢. Minneapolis wheat is up 11¢.
Ami Heesch, commodity broker for CHS Hedging, says corn and soybeans are benefitting from concerns about dry weather.
Naomi Blohm, senior market advisor with Total Farm Marketing, says weather forecasts will likely be a driving force for next week’s trade.
“The meteorologists agree – we are either headed for a dry and hot June like 2012 or the weather models will switch in a week, and all will be right as rain,” she says.
Heesch says wheat is finding support from winter wheat crop condition concerns, and concerns over Black Sea grain shipments come July, as Russia says they will back out of the deal in July if their demands to remove sanctions have not been met.
Live cattle are up 23¢. Lean hogs are down 88¢. Feeder cattle are down 28¢.
Crude oil is up $1.00.
S&P 500 futures are up 27 points. Dow futures are up 253 points.
Heesch says the debt ceiling debate is expected to be settled late tonight. To learn more about how the debt ceiling debate and potential outcomes may impact agricultural commodities, check out the market update from Wednesday, May 24.
Reminder: No trade on Monday, May 29, 2023 in observance of Memorial Day. The market will reopen Monday night at 7 p.m.