Commodities start WASDE day in the green. Friday, May 12, 2023
Corn is currently up 1⁄4 of a penny.
Soybeans are up a penny.
CBOT wheat is up 8¢. KC wheat is up 16¢. Minneapolis wheat is up 12¢.
The USDA World Agricultural Supply and Demand Estimates (WASDE) report is due out at 11 a.m. CDT this morning. It is the first report of the year with 2023/2024 estimates.
“The potential for market-moving surprises is large,” says Arlan Suderman, chief commodities economist for StoneX. “Traders know that the wheat crop is small due to a drought in the Plains, and they know USDA’s general intentions for corn and soybean acreage and yield on the supply side of the balance sheet. But how will USDA craft the demand side of the balance sheet for the grain and oilseeds? That will likely be the area where we’ll see the most potential for surprises – in either direction. That is what will set the tone for the growing season ahead.”
Live cattle are currently up 3¢. Lean hogs are down 20¢. Feeder cattle are down 35¢.
Crude oil is up 62¢.
S&P 500 futures are up 11 points. Dow futures are up 75 points.
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