Corn gives back Monday’s gains. Tuesday, May 16, 2023

Corn is down 9¢ this morning.

Soybeans are down 18¢.

CBOT wheat is down 5¢. KC wheat is down 6¢. Minneapolis wheat is down 8¢.

Naomi Blohm, senior market advisor with Total Farm Marketing, says grains are responding negatively to economic data out of China being lower than expected. She says China’s industrial production for April rose by 5.6% year-on-year, but over 10% was expected.

“Wheat is slightly lower after yesterday’s rally but is hesitant to move higher until there is some word on the Black Sea grain deal,” says the Grain Market Insider newsletter by Stewart-Peterson Inc. “The U.N. has been attempting to get Russia to agree to extend the deal but has not been successful with the deadline just two days away. The final two ships under the agreement will leave the Black Sea today.”

Live cattle are down 3¢. Lean hogs are up 68¢. Feeder cattle are up 25¢.

Crude oil is up 43¢.

S&P 500 futures are down 15 points. Dow futures are down 175 points.

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