Grains in the red Wednesday morning. Wednesday, February 15, 2023

Corn is down 4¢ while soybeans are down 15¢.

CBOT wheat is down 8¢. KC wheat is down 5¢. Minneapolis wheat is down 2¢.

Naomi Blohm with Total Farm Marketing says grains tested resistance levels yesterday and with no news to push them higher, they are backing off.

Al Kluis with Kluis Commodity Advisors says his chart analysis suggests corn and soybeans may put in a high at some point this week.

He also says given comments from Russian President Vladimir Putin, he doubts the Black Sea trade agreement will be renewed after it expires in March, which will boost corn and wheat prices.

This morning USDA announced the sale of 213,370 metric tons of corn for delivery to Mexico during the 2022/2023 marketing year.

Mexico also announced this week the country is scrapping the January 2024 deadline for banning GMO corn for animal feed and industrial uses, Reuters reports. The country still plans to ban GMO corn for human consumption and imports of glyphosate.

Live cattle are up 13¢. Lean hogs are down 48¢. Feeder cattle are up 30¢.

Crude oil is down $1.01. Reuters reports President Joe Biden’s administration is planning to release 26 million barrels of oil from the U.S. Strategic Oil Reserve.

S&P 500 futures are down 24 points. Dow futures are down 180 points.

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

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