(Illustration by Nick Scalise)
OMAHA (DTN) – The price of corn fell 5 cents per bushel in May and soybeans fell 13 1/2 cents per bushel in May. May KC wheat is down 9 cents per bushel, May Chicago wheat is down 8 cents per bushel and May Minneapolis wheat is down 6 cents. The Dow Jones Industrial Average rose 93.49 points to 38,076.73. The U.S. dollar index rose 0.080 to 106.12 and May crude oil fell $1.06 a barrel to $84.60. Mid-morning, all grain and soy markets are lower, led by soybeans, soymeal and KC wheat. The dry southwestern plains may see a few possible showers Monday through Tuesday, but crop values are expected to decline in Monday's crop progress update. Mostly good weather and a little more rain in the Corn Belt should make for a lively planting season. Crude oil and gold are losing value over the weekend despite Iran's attack.
Posted at 8:34 a.m. – May corn price is down 2 3/4 cents per bushel, May soybean price is down 8 cents per bushel. May KC wheat fell 4 1/4 cents per bushel, May Chicago wheat fell 7 cents per bushel and May Minneapolis wheat fell 3 cents. The Dow Jones Industrial Average rose 387.30 points to 38,370.54. The US dollar index fell 0.010 to 106.03 and May crude oil fell 0.70 dollars a barrel to 84.96 dollars. The USDA announced new corn sales to Mexico totaling 165,000 metric tons (6.5 million metric tons), including 135,000 metric tons (5.3 million metric tons) for 2023-24 and 30,000 metric tons (1.2 million metric tons) for 2023-24. tons) for the 2024-25 crop year. Grain and soy markets are under pressure at the start of the week as mostly good planting weather is expected with a mix of rain and warmth, while South American weather remains mostly favorable.
Posted at 8:00 p.m. (04/14) – After the Sunday evening opening, crop prices are mixed. Corn is down 3/4 cent and soybeans are up 1/4 cent. After a few more days of rain, central Brazil is expected to become drier this week and enter the dry season. May KC wheat fell 2 3/4 cents even though warnings were issued in western Kansas Sunday and temperatures in Kansas were in the 90s. There were isolated showers in the Black Sea region over the weekend, but eastern Ukraine and southwest Russia remain dry. Minneapolis wheat fell 3 3/4 cents in May. Crude oil rose $0.02 in June and Dow Jones futures rose 90 points. The US Dollar Index fell by 0.09 and gold prices for June rose by $4.70. Multiple media sources reported that Israel and the United States shot down nearly all of the drones and missiles Iran fired against Israel over the weekend. Several nations in the region are pushing for a de-escalation of fighting and the United States is calling on Israel not to retaliate.
Posted 08:37 — Live cattle are up $2.23 to $173.7 in June, feeder cattle are up $1.88 to $236,075 in May, lean hogs are up $0.28 to 101.8 in June $ down, corn down 2 3/4 cents per bushel and soybean meal down $4.60 in May. The Dow Jones Industrial Average rose 381.71 points. After a difficult technical week last week, livestock contracts are trading higher again at the start of Monday. The lean pork market is not as bullish, but if demand appears to be strong this week, support could strengthen trading in the market.
(c) Copyright 2024 DTN, LLC. All rights reserved.
Comments are closed.