(Illustration by Nick Scalise)
OMAHA (DTN) – Corn prices are holding steady, May soybean prices are up 16 1/2 cents per bushel. May KC wheat is up 8 cents per bushel, May Chicago wheat is up 8 1/4 cents per bushel and May Minneapolis wheat is up 6 cents. The Dow Jones Industrial Average fell 125.05 points to 39,350.85, the U.S. dollar index fell 0.190 to 104.24 and May crude oil rose $1.35 a barrel to $81.98. In the morning, soybeans, bean oil and wheat continue to lead agricultural markets higher. The rise above the 50-day moving average could result in additional short covering ahead of Thursday's quarterly equity and seeding report. May soybeans are right at their daily high.
Posted at 8:38 a.m. – Corn prices are up 1 3/4 cents per bushel, May soybean prices are up 10 1/4 cents per bushel. May KC wheat is up 6 1/4 cents per bushel, May Chicago wheat is up 8 1/4 cents per bushel and May Minneapolis wheat is up 4 1/2 cents. The Dow Jones Industrial Average fell 69.07 points to 39,406.83. The U.S. dollar index fell 0.200 to 104.23 and May crude oil rose $0.86 a barrel to $81.49. Soybean, soybean oil and wheat markets are recovering early Monday, while corn prices are only slightly higher. News is scarce as traders await Thursday's USDA stocks and seeding report ahead of a long weekend.
Posted 7:05 p.m. (3/24) – After opening hours Sunday evening, corn corn is up 1 cent and corn soybeans are up 3 cents. The calendar says spring, but snow is falling from eastern Montana to Michigan, along with favorable precipitation in Nebraska and Iowa. More precipitation is expected to follow Monday and Tuesday, covering much of the central U.S. and gradually moving east. Central Brazil saw favorable rains for the Safrina crop over the weekend and will see even more rain this week, while drier forecasts are forecast for southern Brazil and Argentina. May KC wheat prices rose 5 cents as temperatures in Kansas are expected to drop into the teens Tuesday and Wednesday morning, posing a possible threat to the winter wheat crop. Minneapolis wheat rose 3 cents in May. Crude oil rose 25 cents in May and Dow Jones futures fell 24 points. The US Dollar Index fell by 0.019 and gold prices for April rose by $9.40.
Posted 08:34 — June live cattle are down $1.85 to $181.05, May feeder cattle are down $3.10 to $250,675, June lean hogs are down $0.05 to 99.65 $ down, corn up 1 cent per bushel and soybean meal down $0.90 in May. The Dow Jones Industrial Average is down 72.63 points. Cattle contracts are reacting negatively to Friday's Cattle on Feed report as placements are up 10% compared to last year. It is likely that the market will react poorly to the results later in the day, as pre-report estimates did not suggest that rankings would be this high.
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