Beans starting week up 16¢. Monday, May 6, 2024

July corn is up 6¢.

July soybeans are up 16¾¢.

CBOT wheat is up 5¼¢. KC wheat is up 2¼¢. Minneapolis wheat is down 5¼¢.

“Another round of storms is expected to impact the Midwest the next couple of days, but the overall pattern shows signs of changing to a more favorable one in the last half of this week, continuing through the six to 10-day period as well,” says Arlan Suderman, chief commodities economist for StoneX. “Midwest temperatures are expected to be mostly normal to above normal over the next couple of weeks. That means that we should be able to make rapid planting progress once again as we move into mid-May, with good soil moisture for supporting growth.”

This Friday, May 10, USDA is expected to release the May World Agricultural Supply and Demand Estimates (WASDE) report. Suderman says this report will be the first look at supply and demand estimates for the new crop and it typically sets the tone for summer reports. Therefore, he says it will be “pivotal to price action going forward.”

Suderman says he expects USDA will plug in corn and soybean acreage numbers from the March Prospective Plantings report and trend line yield numbers.

“That would be expected to give us a 14.88-billion-bushel corn and 4.45-billion-bushel soybean crop,” he says. “Allowing modest growth in demand still yields larger ending stocks for the coming marketing year, which might be a sober reality for some on Friday. Those stocks are not expected to leave us immune to the possibility of weather scares this summer, although the above tends to discount those risks for now.”

Live cattle are up 15¢. Feeder cattle are down $1.53. Lean hogs are down 80¢.

Crude oil is up 56¢.

S&P 500 futures are up 29 points. Dow futures are up 111 points.

Tags: corn, soybeans, wheat, futures, live cattle, feeder cattle, lean hogs