Corn kicking off day in the red; down 13¢. Wednesday May 31, 2023

Corn is currently down 13¢ and soybeans are down 14¢.

CBOT wheat is down 13¢. KC wheat is down 17¢. Minneapolis wheat is down 16¢.

“It’s hot and dry across much of the Midwest this week, but the forecasts continue to pull forward increasing rain chances as we move into June, particularly the second full week of June,” says Arlan Suderman, chief commodities economist for StoneX. “It’s not that the rain in the forecast is causing the selling in the grain and oilseeds, but rather that it eliminates the only current threat to fund managers shorting the complex and driving prices lower. As such, they continue to move from long to short in the energies and the grains.”

Live cattle are down 48¢. Lean hogs are up $2.33. Feeder cattle are down 18¢.

Crude oil is down 97¢.

S&P 500 futures are down 19 points. Dow futures are down 182 points.

Suderman says the U.S. House of Representatives is expected to vote today on the debt ceiling deal.

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

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