Corn down 15¢; hard wheats on the rise. Wednesday, May 17, 2023

Corn is currently down 15¢ and soybeans are down 10¢.

CBOT wheat is down 7¢. KC wheat is up 17¢. Minneapolis wheat is up 7¢.

Naomi Blohm, senior market advisor with Total Farm Marketing, says prices so far this year most closely resemble patterns from 2013, and if that trend continues there may be a brief price rally for corn and soybeans in the next couple of weeks.

“While past performance is not indicative of future results, the moral of the story [is] ged ready and have orders ready at your elevator with cash sales,” she says.

The Black Sea Grain Initiative is expected to expire tomorrow. Reuters reports the last ship under the deal is leaving Ukraine today.

This morning USDA announced a cancelation of 272,000 metric tons of corn for delivery to China during the 2022/2023 marketing year.

Live cattle are down 63¢. Lean hogs are down $1.23. Feeder cattle are down 10¢.

Crude oil is up 49¢.

S&P 500 futures are up 8 points. Dow futures are up 111 points.

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