Grain start day in the red. Tuesday, April 30, 2024

This morning July corn is down slightly.

July soybeans are down 3¢.

CBOT wheat is down 5¼¢. KC wheat is down 3¢. Minneapolis wheat is down 1½¢.

Angie Setzer, partner at Consus Ag Consulting, says yesterday news of an oilseed worker strike in Argentina supported soybean prices.

“The strike in Argentina has the attention of traders around the world, especially speculators who have recently abandoned their short positions in soybean meal and started to rebuild length,” she says. “The strike, which began Monday is said to be in response to some major economic reforms proposed by the country’s new president Javier Milei and has several groups participating.

“One of the leaders in the strike is the SOEA oilseed union, with officials estimating the work stoppage will impact crush plants at San Lorenzo, accounting for 70% of Argentina’s exports. Other groups representing port workers and other oilseed plants have joined the strike, with plants throughout the region shut down indefinitely just as harvest begins.

“The bills the workers are protesting are making their way through Congress, with a vote expected to be held this week. As it stands currently, officials believe the measures may pass, opening the door to a longer shut down and shipment disruptions.”

June live cattle are down $1.60. August feeder cattle are down $2.25. June lean hogs are up 25¢.

Crude oil is down 85¢.

S&P 500 futures are down 10 points. Dow futures are down 200 points.

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