Wheat up over 20¢ to start the day. Wednesday, March 29, 2023

This morning corn is up 5¢ and soybeans are down ³⁄₄ of a penny.

CBOT wheat is up 22¢. KC wheat is up 21¢. Minneapolis wheat is up 16¢.

Arlan Suderman, chief commodities economist with StoneX, says wheat is up on the news that Cargill will not be an exporter from Russia for the 2023/2024 marketing year.

He says foreign companies are under increasing pressure and are slowly leaving Russia, but Russian exporters say that the grain will move, whether it is handled by a foreign or local company.

“But fund managers holding large short positions are nervous, especially amid signs that Russian exporters may be refusing to accept tenders below $275 per metric ton, and some say that floor is rising to $285 – $290 per ton,” Suderman says. “It just creates more uncertainty around the wheat market, putting more focus on problems in the U.S. Plains, as well as the expected start of El Niño that increases risks for Australia.”

Al Kluis, managing director of Kluis Commodity Advisors, say he is keeping an eye on Brazil, where the weather has turned dry following the planting of the second corn crop. He says private projections for the crop are likely to be reduced next week.

USDA announced another corn purchase by China this morning for 204,000 metric tons for the 2022/2023 marketing year.

Live cattle are up 28¢. Lean hogs are down 68¢. Feeder cattle are up 38¢.

Crude oil is up 85¢.

S&P 500 futures are up 43 points. Dow futures are up 245 points.

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