Corn is starting off the day down less than a penny while soybeans are down 3¢.
CBOT wheat is down a penny. KC wheat is down 4¢. Minneapolis wheat is up 2¢.
Live cattle are down 50¢. Lean hogs are down 40¢. Feeder cattle are down 98¢.
This morning USDA announced private exporters reported sales of 195,000 metric tons of corn to Mexico.
Nick Tsiolis, founder of Farmer’s Keeper, says yesterday’s grain price slump following the recent upswing was not surprising.
“Hawkish comments by the Fed continue to weigh on markets as a whole,” he adds. “The big question is can inflation be tamed without causing a major recession? If not, one would tend to think that the grains will not be immune to falling markets.”
Yesterday crude oil was over $82 a barrel. This morning it is down to $80.39.
The S&P 500 is down 21 points. The Dow is down 171 points.
Outside of the U.S., milling wheat is down on the European MATIF exchange. Corn and soybeans are up on the Chinese Dalian exchange.