Chicago wheat up 21¢. Thursday, June 1, 2023

This morning corn is up 9¢ and soybeans are up 29¢.

CBOT wheat is up 21¢. KC wheat is up 17¢. Minneapolis wheat is up 9¢.

Reuters reports Russia is once again preventing shipments out of Ukraine ports.

“It said Russia had registered only one incoming ship for inspection in the last two days of May and had given no explanation for the move, which the [Ukraine’s ministry of renovation and infrastructure] said was a ‘gross violation’ of the initiative,” Reuters reports.

Arlan Suderman, chief commodities economist for StoneX, says drought risks persist in the Midwest.

“The National Weather Service calls for drought development to spread from Iowa east to Pennsylvania in June, while persisting in northern Missouri, western Iowa, and eastern Nebraska,” he says.

“Today’s forecast models removed a bit of the rain that has been showing up in the second week of June, raising the risk that the transition in the atmosphere toward a more El Nino pattern is being delayed somewhat.

“A look back at history finds that a dry May in the Midwest often boosted final yields, but yield erosion starts when that dryness builds into June, which is a risk that we must respect.”

Live cattle are down 8¢. Lean hogs are down $1.70. Feeder cattle are down $1.88.

Crude oil is up 7¢.

S&P 500 futures are down 5 points. Dow futures are down 121 points.

The debt ceiling deal passed the U.S. House of Representatives last night. Suderman says Wall Street is “cautiously” waiting for the Senate to vote on the bill.

Outside of the U.S., milling wheat is currently up on the European MATIF trade. Corn is up on the Chinese Dalian trade while soybeans are down.

Tags: corn, soybeans, wheat, futures, live cattle, feeder cattle, lean hogs