Corn down 7¢ as commodities give back gains. Thursday, May 4, 2023

Corn and soybeans are both down 7¢ this morning.

CBOT wheat is down 6¢. KC wheat is down 10¢. Minneapolis wheat is down 14¢.

Prior to this morning’s 8:30 a.m. open, The Brock Report said grains and soybeans couldn’t hold on to yesterday’s “Russia rally” in the overnight trade.

“Renewed pressure on prices came from favorable U.S. planting weather and poor export demand as worries about increased tensions between Russia and Ukraine eased, at least temporarily,” says The Brock Report. “Although Russia on Thursday accursed the U.S. of being behind Wednesday morning’s alleged drone attack on the Kremlin.”

USDA released the weekly Export Sales report this morning. Corn sales for the 2022/2023 marketing year came in below expectations at 315,600 metric tons. Soybeans were within the trade expectations with 289,700 metric tons in sales for 2022/2023. Wheat also met expectations with 211,100 metric tons in sales for 2022/2023. All three commodities fell within predicted ranges for the 2023/2024 marketing year.

Live cattle are up 40¢ this morning. Lean hogs are down 25¢. Feeder cattle are up 65¢.

Crude oil is down 27¢.

S&P 500 futures are down 22 points. Dow futures are down 227 points.

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