(Illustration by Nick Scalise)
OMAHA (DTN) – Ahead of USDA's quarterly reports on inventories and projected plantings, May corn is up 3 cents per bushel, May soybeans are down 8 1/4 cents, May KC wheat is down 5 1/4 Cents up, corn-Chicago wheat up 3 3/4 cents and May-Minneapolis wheat up 2 3/4 cents. The Dow Jones Industrial Average rose 2.28 points and crude oil rose $1.26 a barrel in May. The US Dollar Index is up 0.080 and gold is up $25.10 an ounce in April. Row crops have been mixed since the open Thursday morning, with corn prices rising slightly while soybean losses widened. Wheat has returned to positive territory. Old crop export sales for the week ending March 21 were reported at 47.5 tonnes of corn, 9.7 tonnes of soybeans and 12.5 tonnes of wheat, while shipments of corn and soybeans were above levels required for the week were to meet the USDA's latest demand estimates.
Posted at 8:37 a.m. – May corn price is up 1/2 cent per bushel, May soybean price is down 3 1/4 cents per bushel. May KC wheat fell 2 1/4 cents per bushel, May Chicago wheat fell 2 cents per bushel and May Minneapolis wheat fell 2 1/2 cents. The Dow Jones Industrial Average rose 75.73 points to 39,835.81 and the U.S. dollar index rose 0.070 to 104.42 and May crude oil rose $1.24 a barrel to $82.59. Wheat, soybeans and produce are trading slightly lower early Thursday, while corn is slightly firmer in quiet pre-report trading. Traders are expecting a bearish result in Thursday's USDA report and any positive surprise could move markets as major funds are shorted in every market.
Posted 8:35 a.m. – June live cattle are down $0.48 to $178.2, May feeder cattle are down $1.05 to $247,225, June lean hogs are down $0.45 to 101.15 $ decreased, May corn was up 1/2 cent per bushel and May soybean meal was down $1.70. The Dow Jones Industrial Average rose 84.68 points. Beef net sales in 2024 were 12,700 tonnes, up 15% from the previous week and 4% above the previous 4-week average. The three main buyers were South Korea (3,400 tons), Japan (3,400 tons) and China (2,000 tons). Net sales of 55,300 tonnes of pork in 2024 – a marketing year high – were 64% higher than the previous week and 74% higher than the weighted average for the previous four weeks. The three main buyers were Mexico (32,800 tons), Japan (5,700 tons) and Australia (5,400 tons).
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