The USDA announced yesterday morning the cancellation of 272,000 mts of old crop corn to China. That news and better than expected planting progress, four days without a lower settlement, and a good weather forecast is why corn and beans were so weak yesterday.
Russia, Ukraine, Turkey, and the UN will meet in Istanbul today and tomorrow to discuss the grain corridor deal.
CPI (measures inflation at the retail level) will be released this morning at 7:30 Central. The market expects April inflation up 0.4% and for the 12 months ending April 30, up 5%, the same as the previous month. If CPI is more than expected, the market will expect more interest rate increases; if less than expected, less likely to have interest rate increase next month.