Soybeans up 5¢ this morning. Thursday, May 18, 2023

Corn is down 9¢ this morning while soybeans are up 5¢.

CBOT wheat is down 14¢. KC wheat is down 30¢. Minneapolis wheat is down 32¢.

The weekly USDA Export Sales report for the week ending May 11 shows a net reduction of sales for corn and wheat.

Corn has a net sales reduction of 339,000 metric tons for 2022/2023, a marketing year low.

Wheat has a net sales reduction of 42,100 metric tons for 2022/2023, also a marketing year low.

Soybeans had a positive sales balance. Net sales for soybeans were pegged at 17,000 metric tons for 2022/2023, down 73% from the previous week and 89% from the prior four-week average.

For 2023/2024, wheat had net sales of 336,800 metric tons, corn had net sales of 74,000 metric tons, and soybeans had net sales of 663,800 metric tons. Corn was in the expected range while soybeans and wheat exceeded expectations.

Live cattle are down 40¢. Lean hogs are up 5¢. Feeder cattle are up $1.35.

Crude oil is down 91¢.

S&P 500 futures are up 6 points. Dow futures are down 36 points.

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