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Corn is up 3¢ at midday while soybeans are down 7¢.
CBOT wheat is up 1⁄4
of a penny. KC wheat is up 10¢. Minneapolis wheat is up 10¢.
According to Grain Market Insider newsletter by Stewart-Peterson Inc. wheat may be finding support from the gridlock in the Black Sea while soybeans are pressured by “poor export sales and another drop in soybean meal that has taken July futures to their lowest levels since November 2022.”
Live cattle are up 30¢. Lean hogs are down $2.63. Feeder cattle are up 15¢.
Crude oil is down $2.99.
The U.S. Dollar Index June contract is at 104.17.
S&P 500 futures are up 21 points. Dow futures are down 166 points.
Corn starting day up modestly: 9:17 a.m. CDT
Corn is currently up a penny.
Soybeans are up 3¢.
CBOT wheat is up 5¢. KC wheat is up 2¢. Minneapolis wheat is up 4¢.
This morning USDA released the weekly Export Sales report for the week ending May 18. Corn, soybeans, and wheat all fell within trade expectations for the 2022/2023 marketing year.
Corn was reported to have net sales reductions of 75,200 metric tons for 2022/2023, down 78% from the previous week.
Net soybean sales were pegged at 115,000 metric tons for 2022/2023.
Wheat had net sales reductions of 45,100 metric tons for 2022/2023.
For the 2023/2024 marketing year, corn met trade expectations with 52,100 metric tons in net sales. Wheat was also within the expected range with 245,100 metric tons in net sales.
Soybeans, however, were far below expectations with only 1,100 metric tons of net sales.
Live cattle are up 23¢. Lean hogs are down $1.63. Feeder cattle are up 13¢.
Crude oil is down $1.89.
S&P 500 futures are up 20 points. Dow futures are down 56 points.
