Grains mixed this morning. Tuesday, May 7, 2024
Corn and soybeans are choppy this morning, trading in the red and the green. July corn is currently down a penny. July soybeans are down 2¢.
Wheat is more consistently in the red. CBOT wheat is down 2½¢. KC wheat is down 9¼¢. Minneapolis wheat is down 7½¢.
“Overnight grains are soft after yesterday’s strong gains as traders take stock of the drivers behind it,” said the Commstock Report prior to the 8:30 a.m. CDT open. “Top on the list was a wave of fund short covering as ongoing flood problems in southern Brazil shrink crop estimates even further and wet weather slows planting here. It’s the strongest signal yet that funds may finally be abandoning a long-standing bearish bias and it could feed on itself if positive chart action unfolds further.”
Live cattle are up $1.25. Feeder cattle are up 98¢. Lean hogs are up $1.20.
Crude oil is down 60¢.
S&P 500 futures are up 12 points. Dow futures are up 117 points.
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