Wheat rallying this morning. Wednesday, May 3, 2023

Corn is currently down 2¢ and soybeans are down 15¢.

CBOT wheat is up 15¢. KC wheat is up 25¢. Minneapolis wheat is up 12¢.

Al Kluis, managing director for Kluis Commodity Advisors, says wheat is up this morning on increased tension in Russia following a drone attack on the Kremlin.

While negotiations are ongoing, Kluis also says it seems less likely the Black Sea grain corridor is going to stay open after the current agreement expires later this month.

Live cattle are down 73¢. Lean hogs are up 53¢. Feeder cattle are down $1.58.

The highly anticipated news today is what will the Federal Reserve announce concerning interest rates. Bob Linneman, commodities broker with Kluis Commodity Advisors, say a 0.25% increase is expected.

He also says close attention will be paid to commentary around the announcement for signs of when rate hikes will be paused after today.

Crude oil is down $2.71.

S&P 500 futures are up 8 points. Dow futures are up 4 points.

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