Grain rallying this morning. Friday, May 3, 2024

July corn is up 5¢ this morning.

July soybeans are up 9¼¢.

CBOT wheat is up 23½¢. KC wheat is up 20¢. Minneapolis wheat is up 9½¢.

“We are again seeing solid gains in the grain and soy complexes this morning, with wheat and soybeans leading the way,” says Karl Setzer, partner at Consus Ag Consulting. “Global weather concerns are starting to increase the volume of risk premium in futures, especially ahead of the weekend.

“The monthly jobs report showed higher-than-expected unemployment in April, which is supportive for the equity markets as it indicates the U.S. economy may finally be slowing. This is causing a repositioning of managed money in the markets and is supportive for commodities. Sharp losses in the U.S. dollar are also lending support to commodities.

“Escalated fighting in the Black Sea continues to support the grains as well. Soybean futures are receiving support from the strength in meal and floods in Brazil. A lack of pressure from Argentina in global soy trade is also supporting the soy complex. Updated weather outlooks and technical indicators will be drivers in how we finish today.”

This morning USDA announced unknown destinations are buying 122,000 metric tons of soybeans for the 2023/2024 marketing year.

Live cattle are down 45¢. Feeder cattle are down 5¢. Lean hogs are down 90¢.

Crude oil is down 46¢.

The U.S. Dollar Index June contract is down to 104.95.

S&P 500 futures are up 49 points. Dow futures are up 320 points.

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