Corn is currently up 4¢ while soybeans are down 22¢.
CBOT wheat is up 10¢. KC wheat is up 13¢. Minneapolis wheat is up 18¢.
“The anticipation of the U.S. having a record crop, along with Brazil already recording a record crop, is pressuring soy prices heavily and will likely result in a large jump in ending stocks,” says the Grain Market Insider newsletter from Stewart-Peterson Inc.
Grain Market Insider also says wheat is higher today on tensions between Russia and Ukraine that my further disrupt trade and the poor condition of the Kansas crop.
“The largest port in Ukraine, Pivdennyi, has not been receiving vessels as Russia has not been allowing it despite the extension of the agreement,” says Grain Market Insider. “It is not yet known why, but it is disrupting exports.”
Live cattle are down 45¢. Lean hogs are down 90¢. Feeder cattle are down $1.00.
Crude oil is up $1.33.
The U.S. Dollar Index June contract is at 103.46.
S&P 500 futures are down 14 points. Dow futures are down 1 point.
Corn and wheat in the green: 9:15 a.m. CDT
Corn is currently up 2¢.
Soybeans are down 12¢.
CBOT wheat is up 8¢. KC wheat is up 21¢. Minneapolis wheat is up 16¢.
USDA’s latest Crop Progress report confirmed corn and soybean planting are still ahead of the five-year average.
Arlan Suderman, chief commodities economist for StoneX, says this usually means more acres will be planted, particularly for corn.
Live cattle are down 5¢. Lean hogs are down 85¢. Feeder cattle are down 68¢.
Crude oil is up $1.32.
S&P 500 futures are down 11 points. Dow futures are down 69 points.
