(Illustration by Nick Scalise)
OMAHA (DTN) – May corn is down 1 1/4 cents per bushel, May soybeans are up 4 cents, May KC wheat is up 6 3/4 cents, May Chicago wheat is up 12 Up 3/4 cent and May Minneapolis wheat was up 4 cents. The Dow Jones Industrial Average is up 248.34 points and crude oil is up $0.70 a barrel in May. The US Dollar Index is up 0.210 and gold is up $37.20 an ounce in June. The US dollar's strength is a bearish feature, while gold futures have hit record highs and crude oil has rallied. Weather continues to be viewed by DTN as a neutral feature for row crop markets and optimistic for wheat, while much depends on forecast rainfall for Brazil next week as we near the end of the wet season.
Posted at 8:35 a.m. – Corn prices rose 2 1/2 cents per bushel in May and soybeans rose 1 1/2 cents per bushel in May. May KC wheat is up 7 1/4 cents per bushel, May Chicago wheat is up 13 1/4 cents per bushel and May Minneapolis wheat is up 5 1/4 cents. The Dow Jones Industrial Average rose 53.91 points to 38,650.89, the U.S. dollar index rose 0.500 to 104.62 and May crude oil rose $0.28 a barrel to $86.87. The wheat market continues to receive support from reported Russian grain quality issues, corn is firmer and trading above the 20-day average, while beans are little changed and bean oil is stronger due to the ongoing crude oil rally.
Posted 08:39 – June live cattle decreased $0.23 to $175,625, May feeder cattle decreased $0.93 to $242.95, June lean hogs increased $0.88 to $105,875, in May corn was up 2 1/4 cents per bushel and in May soybean meal was down $1.00. The Dow Jones Industrial Average rose 16.52 points. Things remained quiet in cash cather country so far on Friday, with few bids recorded in the south at $182. Trading in this area is virtually non-existent, but the Packers' requests need improvement at some point today. Offer prices are around $186 to $187 and up. Light trading was reported in parts of the North over the past two days, with a range of $295 to $298. Asking prices for cattle still on show lists in the north are over $299. The April 3, 2024 CME Feeder Index rose $2.17 to $249.90, the April 3, 2024 CME Lean Hog Forecast Index rose $0.73 to $85.88.
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