(Illustration by Nick Scalise)
Posted at 8:36 a.m. – May corn price is up 1 3/4 cents per bushel, May soybean price is up 1 1/2 cents per bushel. May KC wheat is up 4 1/2 cents per bushel, May Chicago wheat is up 8 3/4 cents per bushel and May Minneapolis wheat is up 5 cents. The Dow Jones Industrial Average rose 132.39 points to 38,847.16. The US dollar index rose 0.030 to 103.46 and April crude oil rose 0.66 dollars a barrel to 81.70 dollars. Wheat markets are a little more determined due to strengthening FOB supplies in the Black Sea and rising tensions between Russia and Ukraine. May soybeans have stabilized and are now trading above the key 50-day moving average again. A solid close above this level could entice fund managers to cover more shorts. However, the increasing Brazilian harvest and the mostly favorable weather are likely to continue to put pressure on.
Posted 7:05 p.m. (3/17) – After opening hours Sunday evening, May corn was up 2 1/2 cents and May soybeans were up 5 1/4 cents. Southern Brazil saw pleasant showers this weekend and more rain is expected this week, while central Brazil will remain drier until rain returns after Wednesday. Argentina will see more rain until Wednesday, followed by a week of drier weather. May KC wheat rose 4 1/4 cents and May Minneapolis wheat rose 3 1/4 cents. April crude oil prices fell $0.02 and Dow Jones futures fell 34 points. ` News reported that a Russian missile attack on civilian infrastructure in Odessa, Ukraine, killed 20 people. Ukrainian drones attacked the Slavyansk oil refinery in southern Russia overnight, according to Reuters. The US Dollar Index rose by 0.04 and gold prices for April fell by $2.00.
OMAHA (DTN) – Livestock increased $0.40 in April to $187.65, feeder cattle increased $1.40 in April to $253,525, lean hogs decreased $0.45 in April to $86,475, Corn is up 3/4 cent per bushel and soybean meal is up $0.60 in May. The Dow Jones Industrial Average rose 157.14 points. As this new week begins, livestock operations will be ready for initial estimates of what this week's Cattle on Feed report could bring. Since rankings dropped significantly in January, rankings in February could be significantly higher.
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