(Illustration by Nick Scalise)
OMAHA (DTN) – In early Wednesday trading, corn was down 1/4 cent per bushel, soybeans were down 8 1/2 cents, KC wheat was down 6 3/4 cents and Chicago wheat was down 1 3 cents/4 cents and May- Minneapolis wheat fell 4 cents. The Dow Jones Industrial Average is up 85.45 points and crude oil is up $1.85 a barrel in April. The US Dollar Index is down 0.090 and gold is up $5.80 an ounce in April. Crop futures gave back some or all of Tuesday's gains after a supportive forecast for row crop production from Brazil's official CONAB. The exception is soybean oil, which continues to rise and is heading toward a test of its 100-day moving average. Crude oil has rebounded, helped in part by weekly data from the American Petroleum Institute showing a decline in crude oil inventories for the first time in six weeks.
Posted 8:35 a.m. – April live cattle are up $0.30 to $188.55, April feeder cattle prices are up $0.33 to $254.45, April lean hogs are up $0.58 Down $84,775, May corn is down 2 3/4 cents per bushel and May soybean meal is down $5.50. The Dow Jones Industrial Average rose 73.84 points. Asking prices are $187 in the south, but have yet to be determined in the north. Trading is unlikely to develop on Wednesday but will be delayed until Thursday or Friday.
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