Corn starting day in the red, down 15¢. Tuesday, May 9, 2023
Corn is currently down 15¢ and soybeans are down 21¢.
CBOT wheat is down 16¢. KC wheat is down 9¢. Minneapolis wheat is down 4¢.
According to the Grain Market Insider newsletter by Stewart-Peterson, Inc., planting progress reported in USDA’s weekly report is hurting prices this morning.
The Crop Progress report pegged corn planting at 49% complete and soybean planting at 35% complete. Both are ahead of the five-year average.
Another piece of bearish news this morning, USDA announced China cancelled an order of 272,000 metric tons of corn for the 2022/2023 marketing year.
Live cattle are up 78¢. Lean hogs are up 15¢. Feeder cattle are up $1.70.
Crude oil is down 32¢.
S&P 500 futures are down 18 points. Dow futures are down 21 points.
Outside of the U.S., milling wheat is down on the European MATIF trade. Corn and soybeans are up on the Chinese Dalian trade.
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