Posted at 10:39 a.m. – In mid-morning trading, March corn is down 1 1/4 cents per bushel, March soybeans are up 8 1/2 cents, March KC wheat is down 8 1/2 cents, Chicago March wheat is down 4 cents and March Minneapolis wheat is down 3 1/2 cents. The Dow Jones Industrial Average is down 32.62 points and crude oil is up $0.21 a barrel in April. The US Dollar Index is up 0.020 and gold is up $5.10 an ounce in April. A brief short-covering rally saw wheat and corn prices move into positive territory this morning ahead of a three-day holiday weekend, although the move was met with resistance. Only soybeans remain in positive territory, supported by a rise in soymeal futures. Traders continue to monitor the South American weather, which is seen by DTN meteorologists as a neutral factor for row crop markets at the end of the week.
Posted at 8:36 a.m. – March corn up 1 1/4 cents per bushel, March soybeans up 3 cents per bushel. In March, KC wheat fell 5 cents per bushel, in March, Chicago wheat fell 2 1/4 cents per bushel, and in May, Minneapolis wheat fell 3/4 cent. The Dow Jones Industrial Average fell 106.53 points to 38,666.59 and the U.S. dollar index rose 0.250 to 104.55 and April crude oil rose $0.49 a barrel to $78.08. Wheat is down again with KC hitting another new contract low, while soybeans and soymeal are slightly higher. The bearish impact of the USDA Ag Outlook forecast continues to weigh on markets, as does favorable South American weather.
Posted at 11:16 a.m. – April live cattle are up $2.03 to $187,625, March feeder cattle are up $4.05 to $251.15, April lean hogs are up $0.08 to $85,075 increased, March corn was down 3/4 cent per bushel and March soybean meal was up $5.50. The Dow Jones Industrial Average fell 15.61 points. Both the live cattle and feeder cattle markets are rallying midday Friday as the market finds comfort in the industry's strong fundamental base, which should keep prices elevated through most of 2024. No new cash trade in cattle has developed and it looks like most of it will be done. The week's business is done.
Posted 08:40 – April live cattle increased $0.33 to $185,925, March feeder cattle increased $1.23 to $248,325, April lean hogs increased $0.55 to $85.55, in March corn was up 1/4 cent per bushel and in March soybean meal was up $1.70 . The Dow Jones Industrial Average fell 74.10 points. The livestock complex got off to a better start with the opening bell on Friday. Trading may intensify a bit in the cash cattle market, but prices are expected to follow the weekly trend – $2.00 lower in the south and steady at $1.00 lower in the north.
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