Corn and wheat losing ground despite grain deal expiration. Monday, July 17, 2023

December corn is down 2¢ while November soybeans are up 9¢.

CBOT wheat is down ¾ of a penny. KC wheat is down 12¢. Minneapolis wheat is down 10¢.

The Black Sea Grain Initiative is set to expire today and Russia has no intension of renewing its participation in the deal until certain demands are met.

“As soon as the Russian part of the agreements is fulfilled, the Russian side will return to the implementation of this deal immediately,” the Kremlin spokesman Dmitry Peskov said.

Wheat and corn were much higher overnight when the news originally broke but seem to be struggling to hold on to those gains this morning.

Al Kluis, managing director of Kluis Commodity Advisors, says he is hearing rumors the parties involved in the initiative may be coming to an agreement and that may explain why prices have come down.

The weekly USDA Crop Progress report is expected to show crop condition improvement for both corn and soybean again this week, says Arlan Suderman, chief commodities economist for StoneX. Although he says don’t expect the improvement to be as dramatic as last week.

Live cattle are up 63¢. Lean hogs are down 18¢. Feeder cattle are up $1.20.

Crude oil is down 46¢.

S&P 500 futures are up 8 points. Dow futures are up 27 points.

Milling wheat is up on the European MATIF trade. Corn and soybeans are up on the Chinese Dalian trade.

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