Chicago wheat up 24¢ at midday. Monday, April 22, 2024

May corn is up 4¾¢ at midday.

May soybeans are up 7¢.

CBOT wheat is up 24¼¢. KC wheat is up 20½¢. Minneapolis wheat is up 13¼¢.

“After a two-sided open the commodity market is now mostly in the green,” says Karl Setzer, partner at Consus Ag Consulting. “Fresh news remains quite thin to start the week, but markets are correcting from recent declines. An easing of tensions in the Middle East between Israel and Iran is bringing some of the risk buyers who took monies elsewhere last week.

“A drier … forecast for the U.S. Wheat Belt is giving that complex the lead this morning as Kansas is in desperate need of rain soon. It is being reported that two-thirds of that state’s wheat is in drought conditions. Ongoing fighting in Ukraine and reports an export terminal in Odessa was hard hit over the weekend by Russia is also supporting the grain complex.

“Corn and soybeans are seeing less support as a big week of planting is expected, but both markets are still moderately higher. Forecasters now believe the developing La Niña will not reach full strength in time to impact U.S. crops … removing some of the weather premium in both as well.

“May options expire this Friday and that will be a factor in this week’s trade. Most interest in price discovery will fall on planting reports and weather outlooks.”

Crude oil is down 71¢.

The U.S. Dollar Index June contract is up to 106.10.

S&P 500 futures are up 6 points. Dow futures are up 17 points.

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