Commodities start day in the red. Thursday, May 11, 2023

Corn is down 8¢ this morning and soybeans are down 15¢.

CBOT wheat is down 4¢. KC wheat is down 5¢. Minneapolis wheat is down 7¢.

This morning USDA announced the sale of 132,000 metric tons of soybeans for delivery to unknown destinations during the 2023/2024 marketing year.

The USDA weekly Export Sales report was also released. Net corn sales for last week were pegged at 257,300 metric tons for 2022/2023, within the range of trade expectations. Soybean sales were pegged at 62,200 metric tons for 2022/2023, well below trade expectations. Wheat sales came in at 26,300 metric tons for 2022/2023, within expectations. For the 2023/2024 marketing year, corn and soybeans fell within expectations but wheat exceeded expectations with 333,600 metric tons sold.

After two days of discussions, Arlan Suderman, chief commodities economist at StoneX, says Turkey has shared optimistic statements about the future of the Black Sea Grain Initiative.

“Keep in mind that Turkey has always put a positive spin on negotiations; often overstating the chance of something good happening,” says Suderman. “The parties involved discussed the release of ships that have long been held hostage at Ukrainian ports over the past year plus of the war. They also discussed a possible 60-day extension of the grain initiative…but Russia’s actions speak louder than words, and its recent actions suggest that risk remains that we may see shipments shut down. The trade still expects the grain to flow, and it expects USDA to project rising corn and soybean stocks in its new-crop balance sheets in tomorrow’s WASDE crop report.”

Live cattle are down 43¢. Lean hogs are up $1.00. Feeder cattle are up 48¢.

Crude oil is down $1.19.

S&P 500 futures are down 27 points. Dow futures are down 388 points.

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