Posted at 10:32 a.m. – May corn is up 1 1/2 cents per bushel, May soybeans are down 6 3/4 cents per bushel. May KC wheat is up 1/2 cent per bushel, May Chicago wheat is down 1/2 cent per bushel and May Minneapolis wheat is up 6 cents. The Dow Jones Industrial Average rose 154.36 points to 39,281.50, the U.S. dollar index fell 0.210 to 104.04 and May crude oil fell $0.29 a barrel to $85.14. At midday, Minneapolis wheat is rising after reversing contract lows on Wednesday. Soybean meal is rising, while bean oil is hitting new intraday lows and corn is floating around unchanged. It looks like a dry stretch is coming to ramp up planting efforts, except for the Delta and the Southeast, where early planting efforts have already stalled.
Posted at 8:35 a.m. – May corn price is down 1 1/2 cents per bushel, May soybean price is down 8 cents per bushel. May KC wheat is up 4 1/2 cents per bushel, May Chicago wheat is down 1 cent per bushel and May Minneapolis wheat is up 5 1/2 cents. The Dow Jones Industrial Average rose 268.51 points to 39,395.65, the U.S. dollar index fell 0.270 to 103.98 and May crude oil fell $0.05 a barrel to $85.38. The USDA reported new soybean sales to Mexico for 152,404 tons, or 5.6 million tons, for 2023-24. Only the durum wheat markets are trading higher as a significantly drier weather pattern is emerging for the western and southern plains. It will be warmer across the U.S. next week, so planting efforts should be accelerated, except in the Delta and Southeast where flooding is feared.
OMAHA (DTN) – Livestock up $0.38 in June to $175.975, feeder cattle up $1.08 in May to $243.65, lean hogs steady in June, corn up 2 1/2 cents per bushel increased and soybean meal increased $1.50 in May. The Dow Jones Industrial Average rose 190.61 points. There has been no cash cattle trading reported so far today, but bids of $182 in the south and $297 in the north are on the table at midday. Beef cuts are lower at midday (selection 299.41 -1.89, selection 296.56 -0.36) with moderate case movement (62 lds selected cuts, 13 lds selected cuts, 06 lds trim cuts and 19 lds ground cuts), with a Selection/Choose a spread of 2.85. 123,000 cattle are expected to be slaughtered on Thursday. Lunch pork cuts are 97.91, +3.00, for a total load of 143.38. On Thursday, 487,000 pigs were slaughtered as part of the project.
Posted 08:40 – June live cattle are down $0.05 to $175.55, May feeder cattle are up $0.48 to $243.05, June lean hogs are up $0.58 to $104.175 decreased, in May corn was down 1 3/4 cents per bushel and in May soybean meal was down $1.10. The Dow Jones Industrial Average rose 272.88 points. Light cash livestock trading was reported in parts of the north on Wednesday, with deals amounting to $295 to $297 – $3 to $5 less than the previous week's weighted averages. Things will remain fairly quiet in the south and there will likely be an improvement in demand for packers as the day progresses. For the week ended March 28, 2024, 2024 beef net sales were 18,700 tonnes (MT), up 48% from the previous week and 53% above the previous four-week average. The top three buyers were mainly from South Korea (6,100 tonnes), Japan (5,000 tonnes) and Canada (1,700 tonnes). The CME Feeder Index was $0.54 lower at $247.73 on April 2, 2024. For the week ended March 28, net 2024 pork sales were 28,700 tonnes, down 48% from the previous week and 24% below the previous four-week average. Increases primarily for Mexico (23,000 tons), South Korea (3,000 tons) and Canada (1,200 tons). The forecast CME Lean Hog Index for April 2, 2024 rose $0.23 to $85.15.
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