(Illustration by Nick Scalise)
OMAHA (DTN) – The price of corn fell 7 cents per bushel in May and soybeans fell 1/4 cent per bushel in May. May KC wheat fell 9 1/2 cents per bushel, May Chicago wheat fell 9 cents per bushel and May Minneapolis wheat fell 3 3/4 cents. The Dow Jones Industrial Average fell 414.05 points to 39,152.80, the U.S. dollar index fell 0.230 to 104.79 and May crude oil rose $1.48 a barrel to $85.19. Losses in corn and wheat increase midday, with soybeans almost flat and only soybean oil still strong. July wheat in Minneapolis posted another new contract low. Some pressure is likely coming from external markets, with the S&P and Dow Jones trending lower early Tuesday, extending their losses.
Posted 08:38 – Corn price for corn is stable, May soybean price is up 4 3/4 cents per bushel. May KC wheat is up 4 1/2 cents per bushel, May Chicago wheat is up 3 3/4 cents per bushel and May Minneapolis wheat is up 3 1/2 cents. The Dow Jones Industrial Average fell 395.89 points to 39,170.96, the U.S. dollar index fell 0.180 to 104.84 and May crude oil rose $1.06 a barrel to $84.77. In very quiet early trading, corn, soybeans and wheat are usually more densely mixed, while soybean oil has a significantly higher strength in crude and other vegetable oils. There is initially very little new news. The soybean harvest in Brazil is almost 80% complete. Across the U.S., beneficial moisture has declined and will fall from the Southern Plains across the Midwest to the Ohio Valley before planting.
Posted 8:35 a.m. – June live cattle decreased $0.55 to $174,775, May feeder cattle decreased $0.78 to $241.9, June lean hogs decreased $0.53 to $102,975 , May corn was down 1/2 cent per bushel and May soybean meal was down $0.80 . The Dow Jones Industrial Average is down 369.29 points. Both the live cattle and feeder cattle markets are declining as the complex is still overwhelmed by news of bird flu. Meanwhile, the lean hog complex continues to trade higher as the market recovers on strong demand.
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