Corn starts day up 3¢. Tuesday, May 2, 2023

This morning corn is up 3¢ and soybeans are up 4¢.

CBOT wheat and KC wheat are down ¹⁄₄ of a penny. Minneapolis wheat is down 2¢.

Al Kluis, managing director of Kluis Commodity Advisors, says yesterday’s fats and oils crush report from USDA showed more soybean demand than the trade expected with 198 million bushels of soybeans crushed.

Reuters reports talks are ongoing to extend the Black Sea Grain Initiative.

“Russia has repeatedly indicated it is prepared to walk away from the deal on May 18 if its demands to ease restrictions on its own agricultural exports are not addressed,” Reuters reports. “Kremlin spokesman Dmitry Peskov told reporters on Tuesday that part of the deal concerning Russia’s interests was not being implemented, but dialogue was continuing.”

Live cattle are down 85¢ this morning. Lean hogs are up 35¢. Feeder cattle are down $1.58.

Crude oil is down $2.35.

S&P 500 futures are down 19 points. Dow futures are down 179 points.

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