Corn up 3¢ near market open. Wednesday, May 10, 2023

Corn is up 3¢ this morning while soybeans are down 3¢.

CBOT wheat is down 8¢. KC wheat is down 14¢. Minneapolis wheat is down 7¢.

“Grain and oilseed traders are increasingly focused on Friday’s big USDA WASDE crop report,” says Arlan Suderman, StoneX chief commodities economist. “This will be the first crop report that officially has USDA’s estimates for the new 2023-24 marketing year…However, the primary focus will likely be on USDA’s demand estimates. It will have to justify significant growth in corn and soybean demand to prevent notable increases in domestic corn and soybean stocks.”

Suderman also notes official negotiations on extending the Black Sea Grain Initiative began today. Without an agreement, the deal is expected to expire May 18.

Live cattle are up 5¢ this morning. Lean hogs are up 58¢. Feeder cattle are down 85¢.

Crude oil is down $1.30.

S&P 500 futures are up 20 points. Dow futures are up 15 points.

Outside of the U.S., milling wheat is down on the MATIF trade while corn and soybeans are up on the Dalian trade.

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