Corn ended the day up 7¢ and soybeans closed up 10¢.
CBOT wheat closed up 28¢. KC wheat is up 23¢. Minneapolis wheat is up 27¢.
Al Kluis, managing director for Kluis Commodity Advisors, said at midday that concern over the future of the Black Sea grain corridor was boosting wheat and corn today.
Live cattle closed up 13¢. Lean hogs are up $1.63. Feeder cattle are up $1.90.
Crude oil is up 98¢.
S&P 500 futures are up 9 points. Dow futures are up 17 points.
The weekly USDA Crop Progress report is due out in less than an hour. Kluis says he will be watching to see if corn planting achieves 70% complete as the trade expects.
He says keep an eye on North Dakota, which just saw another wet weekend and the corn planting deadline is May 25.
Corn, soy, wheat still in the green at midday: 12:01 p.m. CDT
Corn is up 8¢ at midday.
Soybeans are up 17¢.
CBOT wheat is up 27¢. KC wheat is up 33¢. Minneapolis wheat is 30¢.
This week the Wheat Quality Council is sponsoring a tour of hard winter wheat in Kansas.
Last Friday in a monthly Crop Production report USDA said producers expect to harvest 67% of the planted winter wheat acres for grain, and if realized it would be the lowest harvest ratio since 1917.
Hard red winter wheat production was pegged at 514 million bushels in the report, nearly 17 million bushels less than last year. Hard white winter wheat production was estimated to be 462,000 bushels less than last year.
This morning USDA announced the sale of 100,000 metric tons of soybean meal for delivery to Poland during the 2022/2023 marketing year.
Live cattle are up 5¢. Lean hogs are up $1.85. Feeder cattle are up 80¢.
Crude oil is up $1.54.
The U.S. Dollar Index June contract is at 102.29.
S&P 500 futures are up 6 points. Dow futures are up 17 points.
Corn starting day up 11¢: 9:20 a.m. CDT
Corn is up 11¢ this morning while soybeans are up 20¢.
CBOT wheat is up 24¢. KC wheat is up 31¢. Minneapolis wheat is up 24¢.
Bryant Sanderson, commodities broker with CHS Hedging, says wheat is continuing to be boosted by last week’s USDA report. He says USDA’s low production estimate for hard red winter wheat will continue to support prices, as will the lack of a deal on the Black Sea Grain Initiative.
Without an extension agreement, the Black Sea grain deal is expected to end this Thursday, May 18.
Live cattle are down 65¢. Lean hogs are up $1.53. Feeder cattle are up 38¢.
Crude oil is up 51¢.
S&P 500 futures are down 6 points. Dow futures are down 76 points.
