At midday corn is down 26¢.
Soybeans are down 28¢.
CBOT wheat is down 28¢. KC wheat is down a penny. Minneapolis wheat is down 13¢.
Reuters reports the Black Sea Grain Initiative is renewed for another two months.
Arlan Suderman, chief commodities economist for StoneX, says “Confirmation from Russia that the Ukraine grain initiative will be extended for another 60 days added to today’s chart-related selling pressure, where momentum traders are driving corn, soybean, and Chicago wheat prices sharply lower.”
The Grain Market Insider newsletter from Stewart-Peterson reports the day one yield estimate on the Wheat Quality Council tour through Kansas was 29.8 bushels per acre. The newsletter says this is the worst number since the tour began in 2003 and normal is around 45 bushels per acre.
Suderman says poor condition news coming from the tour is supporting KC wheat.
Live cattle are down 8¢. Lean hogs are down $2.65. Feeder cattle are down 55¢.
Crude oil is up $1.94.
The U.S. Dollar Index June contract is at 102.76.
S&P 500 futures are up 26 points. Dow futures are up 248 points.
Corn down 15¢; hard wheats on the rise: 9:31 a.m. CDT
Corn is currently down 15¢ and soybeans are down 10¢.
CBOT wheat is down 7¢. KC wheat is up 17¢. Minneapolis wheat is up 7¢.
Naomi Blohm, senior market advisor with Total Farm Marketing, says prices so far this year most closely resemble patterns from 2013, and if that trend continues there may be a brief price rally for corn and soybeans in the next couple of weeks.
“While past performance is not indicative of future results, the moral of the story [is] ged ready and have orders ready at your elevator with cash sales,” she says.
The Black Sea Grain Initiative is expected to expire tomorrow. Reuters reports the last ship under the deal is leaving Ukraine today.
READ MORE: Last ship to leave Ukraine as fate of Black Sea grain deal in Russia’s hands
This morning USDA announced a cancelation of 272,000 metric tons of corn for delivery to China during the 2022/2023 marketing year.
Live cattle are down 63¢. Lean hogs are down $1.23. Feeder cattle are down 10¢.
Crude oil is up 49¢.
S&P 500 futures are up 8 points. Dow futures are up 111 points.