Chicago wheat up 8¢. Friday, April 19, 2024

May corn is up 4½¢ this morning.

May soybeans are up 3¾¢.

CBOT wheat is up 8¢. KC wheat is down slightly. Minneapolis wheat is up 4¢.

“The July-to-November soybean spread traded negative overnight, meaning there is now a very small carry in the market,” says Bob Linneman, commodities broker with Kluis Commodity Advisors. “This is a bearish indicator that will need to reverse before soybean traders will be willing to push prices higher with any real momentum.”

Naomi Blohm, senior market adviser with Total Farm Marketing, says world events were helping shape prices overnight.

“Last night, crude oil and grain prices had a price burst higher, due to Israel responding to Iran with air strikes,” said Blohm prior to this morning’s open. “Crude oil rallied over $3.00 briefly. Corn was up 6¢. Beans were up 9¢, and wheat was up nearly 20¢. However, because the response was broadly muted in both countries, with Iran playing down the incident after no significant damage was reported in the country, commodity prices then fell back lower.”

Live cattle are down 20¢. Feeder cattle are down 15¢. Lean hogs are up 13¢.

This morning USDA announced two new export sales:

• Mexico is buying 216,500 metric tons (mt) of corn — 23,000 mt for the 2023/2024 marketing year and 193,500 mt for the 2024/2025 marketing year
• Unknown destinations are buying 121,500 mt of soybeans — 13,500 mt for the 2023/2024 marketing year and 108,000 mt for the 2024/2025 marketing year.

S&P 500 futures are down 1 point. Dow futures are up 188 points.

Outside of the U.S., milling wheat is up on the MATIF trade. Corn is up and soybeans are down on the Dalian trade.

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