(Illustration by Nick Scalise)
OMAHA (DTN) – The price of corn fell 5 1/4 cents per bushel in May and soybeans fell 5 1/2 cents per bushel in May. May KC wheat fell 14 cents per bushel, May Chicago wheat fell 11 cents per bushel and May Minneapolis wheat fell 7 3/4 cents. The Dow Jones Industrial Average fell 87.04 points to 38,635.65. The US dollar index rose 0.120 to 102.83 and April crude oil fell 0.54 USD per barrel to 77.47 USD. The USDA reported that China canceled an additional 264,000 mt (9.7 million t) of previous common wheat purchases, bringing the total cancellation to 18.5 mb, slightly more than the amount set for exports in Friday's WASDE report was deleted. The grain and soy markets, with the exception of bean oil, are under selling pressure as the new week begins.
Posted 7:03 p.m. (03/10) – After opening hours Sunday evening, May corn is down 1/2 cent and corn soybeans are up 4 cents. Central Brazil received pleasing rainfall over the weekend, but drier weather is forecast for the next two weeks, raising concerns for the Safrinha corn crop. Meanwhile, Argentina's rain chances are better next week, keeping both corn and soybeans in good condition. May KC wheat rose 1 1/2 cents and May Minneapolis wheat rose 1 3/4 cents. The east side of the southwestern plains received beneficial rains over the weekend, but more rains are needed, particularly on the west side. Things are starting to get quiet on the external markets. Crude oil fell $0.20 in April and Dow Jones futures rose 5 points. The US Dollar Index fell by 0.01 and gold prices for April rose by $2.30.
Posted 08:35 — April live cattle are down $0.55 to $187.05, April feeder cattle are down $1.18 to $252,925, April lean hogs are down $0.10 to $84,275 , May corn is down 4 1/4 cents per bushel and May soybean meal is down $3.10. The Dow Jones Industrial Average is down 35.35 points. After the advances in the cash market last week, it will be imperative to check exactly how many cash cattle were traded last week as this could be an indication of how aggressive the packers are in this week's market. Slaughtering speeds are expected to be reduced again this week, which could put pressure on the cash cattle trade.
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