Wheat in the red this morning. Wednesday, May 22, 2024

July corn and soybeans are seeing choppy trade this morning not farm from the unchanged mark, currently up less than a penny.

CBOT wheat is down 2¼¢. KC wheat is down less than a penny. Minneapolis wheat is down 3¼¢.

“Yesterday’s export flash sale on corn was enlightening,” says Naomi Blohm, senior market adviser for Total Farm Marketing. “Mexico, our largest buyer this year, made another purchase. What was eye opening, was that Spain also bought 110,000 metric tons. Typically this is Ukraine or maybe even Brazilian business.

“Chinese importers are believed to have purchased at least two shipments of soybeans from the United States in the past few days, grain traders in Europe and the U.S. told Reuters on Tuesday.”

Live cattle are up 13¢. Feeder cattle are up 98¢. Lean hogs are down $1.08.

July crude oil is down $1.10.

The U.S. Dollar Index June contract is up to 104.68.

S&P 500 futures are down 2 points. Dow futures are down 25 points.

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