(Illustration by Nick Scalise)
Posted at 10:34 am – Thursday morning, May contracts of corn and soybeans take it by the chin while wheat gets mixed. May Corn is down 9 1/2 cents and May Soybeans are down 21 1/2 cents while May Soybean Oil is down 0.74 cents. KC wheat in May is up 9 1/4 cents with southwestern plains still looking dry for the next seven days followed by increased rain chances next week. May Minneapolis wheat is up 6 3/4 cents. May crude is down $0.09 and Dow Jones futures are down 89 points. The US Dollar Index is up 0.04 and gold is down $9.80 in June.
Posted 08:36 — After CDT opens at 8:30am Thursday, row crop prices are lower as warmer temperatures flood into the northern plains, which is expected to support planting efforts. Corn is down 4 1/2 cents and May soybeans are down 22 1/2 cents. The USDA reported 49.1 million bushels of corn sold last week, nearly half of it for China, while soybean sales were disappointing at just 5.7 million bushels. Soybean oil sales have been strong in the new marketing year and Morocco has been a top buyer of soybean meal, a country that has been suffering from drought. May KC wheat is up 8 cents and May Minneapolis wheat is up 5 cents. Outdoor markets start quietly. May crude is down $0.11 and Dow Jones futures are down 53 points. The US Dollar Index is up 0.23 and Gold is down $7.20 in June.
OMAHA (DTN) – June live cattle are up $2.58 to $162,875, feed cattle are up $3.63 to $205,725 in May, lean hogs are up $0.70 to $89,075 in June, corn is down 8 1/2 cents a bushel and May Soybean Meal is up $1.20. The Dow Jones Industrial Average is down 13.55 points. As of Wednesday afternoon, live southern cattle were selling for $170, which is $4.00 above last week’s weighted average in Texas and $3.00 above last week’s weighted average in Kansas. Strong cash trading on Wednesday got the cash market moving again on Thursday as more heads were attracted in Kansas at $172 and Nebraska at $278-$280 and sold at $177.
Posted 08:33 — June live cattle up $2.68 to $162.975, May feed cattle up $3.63 to $205.725, June lean hogs up $1.15 to $89.525, Corn is down 4 3/4 cents a bushel in May and May soybean meal is down $3.80. The Dow Jones Industrial Average is down 52.93 points. Net beef sales of 13,500 tonnes for 2023 were 20% higher than the previous week and 1% higher than the previous four week average. There were increases mainly for South Korea (4,900 t), Japan (2,600 t) and Canada (1,300 t). Net pork sales of 53,200 tonnes for 2023 – a peak in a marketing year – were 75% higher than the previous week and 69% higher than the previous four week average. The three largest customers were China (20,200 t), Mexico (14,300 t) and Japan (3,800 t).
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