Grain prices mixed this morning | Thursday, May 19, 2022

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. Kansas City July wheat futures are 29 cents lower and Minneapolis July wheat futures are 18 cents lower.

Livestock prices are mixed this morning. Live cattle cost 45 cents more. Feeder cattle prices 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 today’s trade.

The big story this morning is the stock market selloff. After selling 1100 points yesterday, many traders are taking their money and going to the sidelines or treasuries.

The sale continues into the wheat complex and this, in turn, spills over into the corn complex. The UN is working diligently to find a solution to get corn and wheat out of Ukraine and into the hands of the countries that depend on this supply. Russia has a good crop of wheat growing now, and it will supply countries other than Western nations that all have sanctions against Russia.

READ MORE: Ukrainian farmer attacked by Russian pilot while farming

Weekly export sales this morning were decent for corn, good for soybeans and mediocre for wheat. We continue to sell a good amount of old crop soybeans from the United States. In addition, we are already building a good new crop portfolio for corn and soybeans.

In the meat complex, beef prices are under pressure as recession fears take center stage. Packers are cutting their spot bids and pulling back futures. Hog prices shrugged off early weakness yesterday and posted higher gains. The feeling in the pig complex is that we’re starting to see fewer pigs coming to market, and the slaughterhouses are scrambling a bit.

Keep a close eye on the stock market today. If the stock market can rebound, look for commodities to follow suit.

About the Author: Cory Bratland is the youngest of five children who grew up on the family farm near Willow Lake, South Dakota. Bratland attended Willow Lake High School and earned an AAS degree in Agricultural 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 in South Dakota and Minnesota. In 2003, he obtained a Series 3 and 30 commodity broker license. In 2008, Bratland left Cargill to become an independent commodity broker and launched Prairie Ag Marketing Services. In 2009, it partnered with Al Kluis as an affiliate office. In 2010, he became Kluis Commodity Advisors‘ Chief Cereals Strategist. In addition to working with Al on marketing strategies on a daily basis, 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 is still actively involved in the family farm which grows corn, soybeans, alfalfa and also operates a cow/calf operation.

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Editor’s note: The risk of loss when trading futures and/or options is substantial, and each investor and/or trader should consider whether it is a suitable investment. Past performance – whether actual or indicated by simulated historical testing of strategies – is not indicative of future results. Trading advice reflects good faith judgment at the time and is subject to change without notice. There is no guarantee that the advice given will result in profitable transactions.