Corn is starting the day down 2¢ while soybeans are up 22¢.
Nick Tsiolis, founder of Farmer’s Keeper, says traders are “shrugging off” the recent Argentinian rains as reports come in that dry conditions earlier in the season have done irreparable damage to the soybean crop.
He adds Brazil’s slow harvest pace is also contributing to this morning’s soybean bump.
CBOT wheat is up a penny. KC wheat is up 6¢. Minneapolis wheat is up 4¢.
Live cattle are up $1.23. Lean hogs are down 73¢. Feeder cattle are up 93¢.
USDA announced new corn exports this morning. Japan purchased 112,000 metric tons of corn for delivery durning the 2022/2023 marketing year.
Crude oil is down $1.21.
S&P 500 futures are down 15 points. Dow futures are down 17 points.
Outside of the U.S., milling wheat is up on the MATIF trade, corn is down on the Dalian trade, and No. 1 soybeans are up on the Dalian trade.