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Corn is currently up 3¢.
Soybeans are up 6¢.
CBOT wheat is up 8¢. KC wheat is up 24¢. Minneapolis wheat is up 20¢.
Reuters reports the pace of shipments out of the Black Sea region is slowing as concern grows the Black Sea Grain Initiative will not be renewed.
“With the renewal deadline for the Black Sea export corridor now only 10 days away, concern of Ukrainian grain being largely cut off from the global market again continues to grow, though they have been able to make last minute deals previously,” says Mike Castle, StoneX market intelligence fertilizer analyst.
The USDA Crop Progress report is anticipated today at 3 p.m. CDT. Al Kluis, managing director of Kluis Commodities Advisors, says he will be looking to see if corn planting meets the trade’s expectation of 42% complete.
Also expected this week is the May World Agricultural Supply and Demand Estimates (WASDE) report. The report will be available Friday, May 12 at 11 a.m. CDT.
Live cattle are up 20¢ this morning. Lean hogs are down 55¢. Feeder cattle are up 93¢.
Crude oil is up $1.56.
S&P 500 futures are down 3 points. Dow futures are down 38 points.
