Corn is up 8¢ this morning while soybeans are up a penny.
CBOT wheat is up 29¢. KC wheat is up 34¢. Minneapolis wheat is up 22¢.
Live cattle are down 20¢. Lean hogs are up 35¢. Feeder cattle are down 70¢.
For the fourth day in a row, USDA announced corn exports to China. This time China is purchasing 204,00 metric tons for the 2022/2023 marketing year.
Crude oil is down $1.98.
Bob Linneman, commodities broker for Kluis Commodity Advisors, says traders are watching the U.S. banking system very closely.
“Any headline that suggests another potential bank failure will likely cause the outside markets to come under heavy selling pressure,” he says. “Money managers in the grain markets will likely continue to liquidate long positions and add to short positions if they feel the U.S. economy is headed for recession.”
S&P 500 futures are currently down 39 points. Dow futures are down 306 points.
