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Regular updates on the futures markets for grain and livestock

Posted at 10:34 AM – May corn is up 4 1/4 cents per bushel, May soybeans is down 2 1/4 cents, May KC wheat is up 14 3/4 cents, May is Chicago wheat rose 13 cents and May Minneapolis wheat rose 17 cents. The Dow Jones Industrial Average is up 85.31 points and crude oil is up $0.68 a barrel in May. The US Dollar Index is down 0.500 and gold is up $25.30 an ounce in June. Wheat prices have extended early gains, while row crop prices are mixed. Short covering may be behind the move in wheat as weather in Western Europe and the Black Sea region is seen as a concern, although European wheat futures are trading almost flat. US dollar weakness remains a supportive feature in crop futures on Wednesday.

Posted at 9:52 a.m. – May corn is up 2 1/2 cents per bushel, May soybeans are steady. May KC wheat rose 14 cents per bushel, May Chicago wheat rose 9 3/4 cents per bushel and May Minneapolis wheat rose 11 1/4 cents. The Dow Jones Industrial Average rose 68.01 points to 39,238.25 and the US dollar index fell 0.350 to 104.47 and May crude oil rose $0.65 a barrel to $85.80. Ethanol production rose 1.8% to 1.073 million barrels per day (bpd) in the week of March 29. This is higher than expected and compared to 1.003 million bpd last year. Ethanol inventory rose slightly by 0.12% to 26.4 million barrels. Ethanol production continues to exceed USDA expectations.

Posted 08:37 – In early Wednesday trading, corn is up 3/4 cent per bushel, corn soybeans are up 3/4 cent, May KC wheat is up 7 cents, May Chicago wheat is up 4 1 /4 cents up and May Minneapolis wheat is up 5 1/4 cents. The Dow Jones Industrial Average fell 31.20 points and crude oil rose $0.45 a barrel in May. The US Dollar Index is down 0.130 and gold is up $12.30 an ounce in June. Wheat prices are expected to lead higher following fresh weekly lows and a new contract low hit by MGEX spring wheat overnight, with focus remaining on the adverse weather forecast for Western Europe and the Black Sea region. Soybean oil is expected to push the soy complex higher, with benchmark June palm oil hitting a new contract high on Tuesday, while crude oil hit its highest trading value since October. Uncertainty is growing after the largest fresh egg producer in the United States found cases of bird flu at farms in Texas and Michigan.

Posted at 11:37 a.m. — Live cattle are down $1.60 to $174,775 in June, feeder cattle are down $3.25 to $241.6 in May, lean hogs are down $1.00 to 104,725 in June $ increased, corn was up 3 1/2 cents per bushel and soybean meal was up $1.50 in May. The Dow Jones Industrial Average rose 92.52 points. Few $295 bids were reported in parts of Nebraska, but the rest of cattle country remains very quiet. Beef proportions are lower at midday (Selection 302.51 -1.65, Selection 297.94 -1.05) with light to moderate box movement (52 lds selected cuts, 12 lds selected cuts, 15 lds trim and 12 lds ground), with a selection/select a spread of $4.57. 121,000 cattle are expected to be slaughtered on Wednesday. The lunch pork cutout is $95.62, -1.51, with 170.23 total loads. 487,000 pigs were slaughtered on Wednesday.

Posted 8:36 a.m. – June live cattle are down $0.63 to $175.75, May feeder cattle are down $0.13 to $244,725, June lean hogs are down $0.83 to 104.55 $ increased, May corn was up 3/4 cent per bushel and May soybean meal was down $1.80. The Dow Jones Industrial Average is down 12.50 points. So far, the cash cattle market remains quiet, with few early asking prices above $188 noted in parts of the South. Bids are currently quite elusive. Significant trading could be delayed until Thursday and/or Friday. The April 1, 2024 CME Feeder Index increased $0.60 to $248.27, the April 1, 2024 CME Lean Hog ​​Forecast Index increased $0.14 to $84.92.

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