Corn starting the day up 8¢. Tuesday June 6, 2023

Corn is currently up 8¢ while soybeans are down 2¢.

CBOT wheat is up 6¢. KC wheat is up a penny. Minneapolis wheat is down 3¢.

Arlan Suderman, chief commodities economist for StoneX, says corn and soybean prices were supported overnight by condition ratings being lower than expected in yesterday’s USDA Crop Progress report.

He says wheat was also supported by a smaller Australian crop and increased tensions in the Black Sea region. Yesterday Russia reportedly said it saw “no prospects” for renewing the Black Sea grain deal. Today, a dam broke in southern Ukraine near the front lines of the conflict.

“But gains continue to be capped by farmer selling in both Brazil and the United States, with additional pressure coming from the forecasts that continue to advance the anticipated pivot in the weather pattern,” Suderman says. “We will not likely see a sudden shift to ample moisture, but the favorable change in rainfall chances continues to develop for the coming week.”

This morning USDA announced the sale of 165,000 metric tons of soybeans for delivery to Spain during the 2022/2023 marketing year.

Live cattle are down 33¢. Lean hogs are up $1.73. Feeder cattle are down $1.20.

Crude oil is down 76¢. The Brock Report says the impact of Saudi Arabia announcing further cuts to production “has been very short lived in the face of worries about global demand spurred by the threat of economic recession in the U.S. and the European Union and slower growth in China.”

S&P 500 futures are up one point. Dow futures are down 15 points.

Outside of the U.S., milling wheat is up on the MATIF trade while corn and soybeans are up on the Dalian trade.

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