Corn up 1¢ as market opens. Wednesday, July 12, 2023

December corn is currently up a penny and November soybeans are up 12¢.

CBOT wheat is down a penny. KC wheat is up 9¢. Minneapolis wheat is up 5¢.

“Today is the day we see how the USDA will update balance sheets with the acreage data from the June planted acreage report,” says Commodities Broker with Kluis Commodity Advisors Bob Linneman, referring to USDA’s July World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports.

“Many traders expect friendly data for soybeans and bearish data for corn. If the report is as predicted, then how prices settle out the day will likely be a good indicator of price direction in the next few weeks.”

Ahead of the reports, USDA announced new export sales this morning. The department says 105,000 metric tons of soybean cake and meal were purchased by unknown destinations for delivery during the 2023/2024 marketing year.

Looking ahead to next week, the expiration date for the Black Sea Grain Initiative is approaching.

“Russian officials repeatedly say there are no grounds for extending the Black Sea Grain Initiative, which is up for its fourth renewal Monday,” says Naomi Blohm, senior market advisors with Total Farm Marketing. “It’s something they have threatened before — then have twice gone on to extend the deal for two months instead of the four months outlined in the agreement.”

Crude oil is up $1.15.

S&P 500 futures are up 44 points. Dow futures are up 320 points.

Milling wheat is down on the MATIF trade. Corn and No. 1 soybeans are down on the Dalian trade while No. 2 soybeans are up.

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