Grains start day mixed. Thursday, May 16, 2024

July corn is down 3¼¢.

July soybeans are down less than a penny.

CBOT wheat is up 2¾¢. KC wheat is up 5½¢. Minneapolis wheat is up 4¢.

“Corn, beans, and wheat posted bearish key reversals on charts yesterday,” says Naomi Blohm, senior market adviser for Total Farm Marketing. “… That means that yesterday’s price high exceeded recent price highs, but then the market traded lower, and closed lower than a recent price close. This is often viewed as a ‘topping signal’ for prices. Does it mean that ‘this is the high?’ Not necessarily – but it is a significant ‘heads up’ to pay attention!”

This morning USDA released the weekly Export Sales report covering May 3 through May 9. Corn and wheat sales fell within the expected ranges for the 2023/2024 marketing year but soybeans fell short:

• Corn: Net sales of 742,200 metric tons (mt) — down 17% from last week and 14% from the four-week average
• Soybeans: Net sales of 265,700 mt — down 38% from last week and 31% from the four-week average
• Wheat: Net sales of 78,500 mt — up 91% from last week and ”up noticeably” from the four-week average, according to USDA.

Live cattle are up 93¢. Feeder cattle are up $1.65. Lean hogs are down $1.03.

Crude oil is up 87¢.

The U.S. Dollar Index June contract is up to 104.45.

S&P 500 futures are up 6 points. Dow futures are up 82 points.

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