July corn futures are 3 to 4 cents lower. July soybean futures are 16 to 17 cents higher. July Chicago wheat is 22 cents lower. July Kansas City wheat futures are 29 cents lower, and July Minneapolis wheat futures are 18 cents lower.
Livestock prices are mixed this morning. Live cattle are 45 cents higher. Feeder cattle are 85 cents lower, and lean hog futures are 35 cents lower.
Crude oil is down $1.70 this morning and the Stock market is down 278 points to start off todays’ trade.
The big story this morning is the selloff in the stock market. After selling off 1100 points yesterday, many traders are taking their money and going to the sidelines or treasuries.
Selling continues in the wheat complex and that, in turn, is spilling over into the corn complex. The United Nations is working diligently to find a solution in getting the corn and wheat out of Ukraine and into the hands of countries that rely on that supply. Russia has a good crop of wheat currently growing, and they will supply countries other than the western Nations that all have sanctions against Russia.
READ MORE: Ukrainian farmer attacked by Russian pilot while cultivating
Weekly export sales this morning were decent for corn, good for soybeans, and poor for wheat. We continue to sell a fair amount of old crop soybeans from the U.S. Also, we are building a nice new crop book of business already for both corn and soybeans.
In the meat complex, beef prices are coming under pressure as recession fears take center stage. Packers are lowering their cash bids and is causing the futures to drop back. Pork prices shrugged off weakness early yesterday and posted higher gains. The feeling in the pork complex is we are starting to see a lower number of hogs come to market, and the packers are scrambling a bit.
Keep a close eye on the stock market today. If the stock market can rally back, look for commodities to follow suit.
About the Author: Cory Bratland is the youngest of five children who grew up on his family’s farm near Willow Lake, South Dakota. Bratland attended school at Willow Lake High School and graduated with an A.A.S. degree in ag business management at Lake Area Technical Institute in Watertown, South Dakota. He began his career as a cash grain marketer and grain trader with Cargill, Inc. While working for Cargill, Inc. Bratland held various merchandising jobs across South Dakota and Minnesota. In 2003, he was licensed as a Series 3 and 30 commodity broker. In 2008, Bratland left Cargill to be an independent commodity broker, starting Prairie Ag Marketing Services. In 2009, he partnered with Al Kluis as an affiliate office. In 2010, he became Kluis Commodity Advisors’ Chief Grain Strategist. In addition to working with Al daily on marketing strategies, Bratland also serves private clients through Kluis Publishing and Prairie Ag Marketing. He lives near Willow Lake, South Dakota with his wife Erica and children, Hunter, Elliot and Isabella. He still actively participates in the family farm that raises corn, soybeans, alfalfa and also runs a cow/calf operation.
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Editor’s Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.