Grains in the red this morning. Wednesday, August 2, 2023

Overnight Russia attacked Ukraine’s primary Danube River port. Corn and wheat prices jumped up overnight but have since come back down.
December corn and CBOT wheat are currently down 5¢. KC wheat is down 10¢. Minneapolis wheat is down 4¢.
“Finally, it seems as though the market is ignoring Black Sea news as it has become apparent that grain is still being exported via the road and rail,” says Jeremy McCann, account manager with Farmer’s Keeper.
November soybeans are down 18¢.
“Analysts are forecasting an increase of 3.7% in planted area for the [2024] Brazilian soybean crop,” says McCann “This increase, coincided with cheaper soybeans coming from South America, likely will continue to worsen domestic demand.
“Weather forecasts remain favorable for growing conditions and it seems as though we’re still poised to finish this growing season strong across the grain belt.”
October livestock are mixed this morning. Live cattle are down 28¢. Lean hogs are down $1.10. Feeder cattle are up 13¢.
Crude oil is down 89¢.
S&P 500 futures are down 49 points. Dow futures are down 241 points.
“This is a very big deal for the bond world, and will likely have ripple effects across many markets,” says Bob Linneman, commodities broker with Kluis Commodity Advisors. “This is happening because of the debt-limit stand-offs happening in Washington.”
Read also
The Counterparty Is Trying to Avoid Fulfilling the Contract. What Should You Do?
Russia’s lurking grain industry crisis
China extends Canadian canola probe until March 2026
US agricultural sales to increase by $8 bln following agreement with Japan
China’s soybean stocks hit record high amid trade war with US
Write to us
Our manager will contact you soon