Corn down 3¢; wheat and soy in the green. Friday, June 2, 2023

Corn is down 3¢ this morning while soybeans are up 10¢.

CBOT wheat is up 6¢. KC wheat is up 9¢. Minneapolis wheat is up 9¢.

Arlan Suderman, chief commodities economist for StoneX, says the Black Sea Grain Initiative is “seriously wounded.”

“Russia reportedly informed the U.N. Joint Coordination Center it will continue to block registrations of ships desiring to move to the Ukrainian Port of Pivdenny – the largest of the three previously approved ports – until Ukraine allows the movement of ammonia through pipelines crossing its territory to export terminals,” he says. “A total of 33 ships left Ukrainian ports in May, which is half the April total, while just three left the Port of Pivdenny.

“Russian inspections of ships allowed to move to the other two ports total just two per day. This comes at a time when Ukraine exports over land to Eastern Europe are also being challenged by resistance from the five border countries whose cash prices are suppressed by the cheaper supplies flowing west.

“This is a long-term risk to the markets that is currently not a focus due to the large amount of cheap Russian wheat currently available on the world market, as well as the bumper Brazilian corn crop about to be harvested.”

USDA released the Export Sales data for the week ending on May 25 this morning. Net corn sales were pegged at 186,700 metric tons (MT) for 2022/2023 and 312,600 MT for 2023/2024. The 2022/2023 marketing year was within the range of trade expectations but 2023/2024 exceeded expectations.

Net soybean export sales were pegged at 123,400 MT for 2022/2023 and 301,000 MT for 2023/2024. Both marketing years fell within the range of trade expectations.

Wheat had net sales reductions of 210,500 MT for 2022/2023 and net sales of 466,500 MT for 2023/2024. The 2022/2023 year was lower than expected while the 2023/2024 year was higher than expected.

Concerning livestock, live cattle are up $1.70 this morning. Lean hogs are up $1.83. Feeder cattle are up $1.00.

Crude oil is up $1.72.

September S&P 500 futures are up 37 points. September Dow futures are up 399 points.

The U.S. Senate voted 63-36 yesterday to pass the bill to raise the debt ceiling and avoid default.

Outside of the U.S., milling wheat is up on the European MATIF trade. Corn and No. 1 soybeans are up on the Chinese Dalian trade. No. 2 soybeans are down.

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