(Illustration by Nick Scalise)
Posted at 10:57 am – May Corn is down 6 1/2 cents a bushel, May Soybeans are down 3 1/4 cents, May KC Wheat is down 23 1/4 cents, May Chicago -Wheat is down 22 1/2 cents and May Minneapolis wheat is down 18 cents. The Dow Jones Industrial Average is down 299.55 points and crude oil is up $1.07 a barrel in April. The US dollar index is up 0.630 and gold is down $7.30 an ounce in April. Once again, the soybean and soy flour markets have overcome weakness in corn and wheat and are moving slightly higher, while KC wheat comes under renewed pressure. Soybean oil is under pressure for the next few years, despite rising crude prices and some impressive biodiesel expectations. Friday marks the first anniversary of Putin’s invasion of Ukraine and a Chinese ceasefire proposal is being ignored.
Posted at 8:36 am – March Corn is down 7 1/4 cents a bushel, March Soybeans are down 4 cents, March KC Wheat is down 19 1/2 cents, March Chicago Wheat is up Down 17 cents and March Minneapolis Wheat is down 10 1/4 cents. The Dow Jones Industrial Average is down 345.26 points and Crude Oil is down $0.89 a barrel in April. The US dollar index is up 0.610 and gold is down $6.20 an ounce in April. It looks like another meltdown day is in store for soft commodities, with the newly bearish KC wheat and corn futures pointing the way to more losses. It doesn’t help that stocks and energy are in the tank even with unexpectedly hot inflation indicators. It seems like the steady bang of bullish Argentine news has finally transcended its welcome as the monster Brazilian soy crop makes its way to the market.
OMAHA (DTN) – April live cattle down $0.25 to $165.075, March feed cattle down $0.55 to $188.675, April lean hogs up $0.33 to $86.525, corn is down 8 1/4 cents a bushel and May Soybean Meal is up $1.10. The Dow Jones Industrial Average is down 376.31 points. Bids are currently $164 in Kansas and $260 in Nebraska, but otherwise the market remains extremely calm. Asking prices are over $165 in the South and over $262 in the North. More trade needs to develop by the end of the week.
Posted at 08:35 – Live cattle are up $0.33 in April to $165.65, feed cattle are up $0.28 in March to $189.5, lean hogs are up $0.43 in April to $86.625 , corn is down 7 3/4 cents a bushel and May soybean meal is down $2.60. The Dow Jones Industrial Average is down 391.73 points. Net beef sales of 15,400 tonnes for 2023 were 45% below the previous week and 35% below the previous four week average. The three largest buyers were China (4,300 mt), South Korea (2,800 mt) and Japan (2,200 mt). Net pork sales of 51,900 tonnes for 2023 were 16% higher than the previous week and 39% higher than the previous four-week average. The top three buyers were Mexico (25,000 tons), China (12,100 tons) and Japan (4,000 tons).
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