Posted at 10:36 am – Corn corn is down 1/2 cent and corn soybeans are down 3 3/4 cents. May KC wheat is up 10 1/2 cents and May Minneapolis wheat is up 14 3/4 cents. April crude oil is down $0.69 and Dow Jones futures are up 237 points. The US Dollar Index is down 0.99 and Gold is up $48.90 in April. Wheat and soybean oil markets recovered well from early morning macro-inspired weakness as both energy and equity markets also rallied. Some equity analysts such as Goldman Sachs have suggested that the Fed will tend to leave rates on hold at its next meeting due to bank failures. Crude oil has rebounded from the morning lows by nearly $4 a barrel, which also pushed energy-sensitive agricultural markets higher.
Posted at 8:36 am – Corn corn is down 6 cents and corn soybeans are down 5 3/4 cents. May KC wheat is down 4 1/4 cents and May Minneapolis wheat is down 2 1/2 cents. April crude oil is down $3.52 and Dow Jones futures are down 198 points. The US Dollar Index is down 0.72 and Gold is up $38.00 in April. Grain and soybean markets remain under heavy selling pressure early Monday after two major banks collapsed late last week. While the government appears to have made plans to ensure that all money invested in Silicon Valley Bank is now protected, financial markets are reflecting its concerns and this appears to be spilling over into agricultural markets early on.
Posted on Sunday March 13 at 7:05pm CDT — Crop prices are starting slightly higher after Sunday night’s open. Corn is up 2 1/4 cents and May soybeans are up 7 1/2 cents. Weekend storms added another layer of snow to Minnesota and Iowa. This week’s forecast calls for moderate rainfall around the Great Lakes and along the Gulf Coast, and heavy rainfall along the Pacific Coast. May KC wheat is up 3 cents and May Minneapolis wheat is up 4 3/4 cents. Crude oil in April is up $0.40 and Dow Jones futures are up 295 points in an encouraging sign after the FDIC shut down Silicon Valley Bank on Friday and New York officials closed Signature Bank on Sunday. Federal authorities said depositors at both banks would have access to their money Monday, according to a joint announcement on www.federalreserve.gov. The US Dollar Index is down 0.30 and Gold is up $14.10 in April.
Posted at 11:39am – April live cattle down $0.45 to $163.825, April feed cattle down $0.90 to $196.75, April lean hogs down $1.20 to 86 $.25 down, corn is down 3 3/4 cents a bushel and May soybean meal is down $4.40. The Dow Jones Industrial Average is up 108.06 points. The cattle market is trading all the way lower into the midday Monday as the market appears unable to find support. Later this week the market could see a different tune if cattle prices and pork demand do well, but for now support is hard to come by.
Posted 08:34 — April live cattle down $0.78 to $163.5, April feed cattle down $0.38 to $197.275, April lean hogs down $0.68 to $86.775 down, corn is down 6 1/2 cents a bushel and May soybean meal is down $1.80. The Dow Jones Industrial Average is down 230.35 points. Heading into the new week, cattle contracts are trading lower as traders yearn to see how the market fundamentals are doing. It will be important to see how last week’s traded cash cattle tied as it could indicate if prices are set to hold steady or be slightly higher this week.
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