Posted 10:35 — In morning trade, corn is up 4 cents in July and soybeans are up 28 1/2 cents in July with an ongoing upleg in soy meal. Soybean oil is under pressure with the news that Indonesia will lift its palm oil export ban on May 23. KC July wheat is down 23 1/4 cents, Chicago July wheat is down 24 1/2 cents and MGEX July wheat is down 14 1/2. 4 cents. Crude oil in June is up $0.26 and Dow Jones futures are down 317.9 points. The US Dollar Index is down 1.062 and gold is up $31.50 an ounce in June. Central Brazil is forecast to remain dry while a heatwave persists in western Europe. Showers are forecast for the Southern Plains, although not expected to bring any significant benefit to the wheat crop, while the Northern Plains continue to face difficult conditions. Weather continues to be viewed as a bullish trait for both the corn and wheat markets, while being neutral for soybeans.
Posted at 8:38 — After the CDT open at 8:30 Thursday, corn is down 2 1/2 cents in July and soybeans are up 16 cents in July with an ongoing upleg in soy flour. KC July wheat is down 30 cents, Chicago July wheat is down 23 cents and MGEX July wheat is down 18 3/4 cents. June crude oil is down $1.25 and Dow Jones futures are down 193.4 points. The US Dollar Index is down 0.795 and gold is up $17.30 an ounce in June. The USDA reported 40.3 million MB of corn, 33.2 million MB of soybeans and 12.3 million MB of wheat sold in the week ended May 12, with sales of all three crops off the fiscal year lows of the bounced off last week. Day 2 of the Wheat Quality Council’s Hard Red Winter Wheat Tour resulted in an average yield of 37 bushels per acre (bpa), compared to 39.5 bpa on Day 1. Grains remain under pressure from the sell-off in stock markets.
Posted at 11:31am – Live cattle in August are up $0.35 to $132.05, feed cattle in August are down $0.25 to $165.55, lean hogs in June are down $0.23 down to $105.875, corn is up 2 cents a bushel in July and soybean meal is up $13.50 in July. The Dow Jones Industrial Average is down 229.46 points. The livestock complex trades cautiously throughout Thursday’s market, failing to find support. Nearby live cattle contracts are trending upwards, but otherwise the livestock complex sees little to no support. It looks like the cash cattle market deal is all but settled as a packer has yet to renew an offer at Thursday’s market.
Posted 08:32 — Live cattle in August are up $0.20 to $131.9, feed cattle in August are down $0.13 to $165.675, lean hogs in June are down $0.75 to 105, Down $35, corn is down 5 3/4 cents a bushel in July and soybean meal is up $5.40 in July. The Dow Jones Industrial Average is down 357.35 points. Net beef sales of 23,300 tonnes for 2022 fell 18% from the previous week but rose 35% from the four-week average of the previous week. The three largest customers were Japan (7,900 t), South Korea (7,400 t) and China (2,900 t). Pork net sales of 24,100 tonnes for 2022 fell 8% from the previous week but rose 2% from the previous four-week average. The three largest buyers were Mexico (8,400 mt), South Korea (4,300 mt) and Colombia (2,400 mt).
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