Yesterday, prices rallied after starting the day lower and Naomi Blohm with Total Farm Marketing says this is because of comments Russian President Vladimir Putin made about keep reserves of grain in the country.
This morning, corn is up 2¢ while soybeans are down 2¢.
“In conversations we’ve had with producers, there is still quite a bit of corn in the bins in non-deficit areas,” says Nick Tsiolis, founder of Farmer’s Keeper. “With that said, we think if the board gets near $7 again there should be some bushels shaken loose.”
Corn is at $6.87 a bushel this morning.
CBOT wheat is up 6¢. KC wheat is up 9¢. Minneapolis wheat is up 5¢.
Live cattle are up 43¢. Lean hogs are down $1.83. Feeder cattle are up 48¢.
Crude oil is above $82 a barrel this morning. Blohm attributes this to anticipation that China’s consumption may increase as the country opens up.
The S&P 500 is up 14 points. The Dow is up 41 points.