Chicago wheat up 9¢. Monday June 5, 2023

Corn is currently up 2¢ and soybeans are up ¹⁄₄ of a penny.

“The rains continue to out-perform the forecast models in the western Midwest, which is a condition of the changing atmosphere,” says Arlan Suderman, chief commodities economist with StoneX. “Those rains remain too little to support the crop thus far, but they’re a move in the right direction.”

CBOT what is up 9¢. KC wheat is up 15¢. Minneapolis wheat is up 12¢.

Reuters reports Russia sees “no prospects” for renewing the Black Sea Grain Initiative after it expires next month.

“Ukraine states that it has a “Plan B” for continuing shipments beyond July 17, utilizing a special insurance fund of about $547 million to subsidize coverage for shippers, although shippers would still have to be willing to accept that risk,” says Suderman.

“Furthermore, Polish officials stated today that they’ve seen a copy of the European Union document that would extend a ban of four major grains from being imported from Ukraine into five adjoining eastern European countries. The bottom line is that shipments of grain out of Ukraine are increasingly more challenging.”

Live cattle are up 88¢. Lean hogs are down $1.60. Feeder cattle are up 13¢.

Crude oil is up $1.54.

Naomi Blohm, senior market advisor with Total Farm Marketing, says Saudi Arabia is planning to cut crude oil output by one million barrels a day in July, on top of the 23-nation coalition’s agreement to extend their production cuts till the end of 2024.

“The kingdom was the only member to announce additional cuts, which would bring its production down to nine million barrels per day next month, the lowest since June 2021,” she says.

S&P 500 futures are up 12 points. Dow futures are down 9 points.

Outside of the U.S., milling wheat is up on the European MATIF trade. Corn and No. 2 soybeans are up on the Chinese Dalian trade while No. 1 soybeans are down.

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