Soybeans down 10¢ at midday. Tuesday, April 16, 2024

Source:  Successful Farming

May corn is down 1¾¢ at midday.

May soybeans are down 10¼¢.

CBOT wheat is down 4¢. KC wheat is up 2¢. Minneapolis wheat is up 1½¢.

Live cattle are up $1.20. Feeder cattle are up $2.48. Lean hogs are up 15¢.

Crude oil is down 9¢.

S&P 500 futures are down less than a point. Dow futures are up 149 points.

Published: 11:22 a.m. CDT

Corn down 2¢ this morning: 9:40 a.m. CDT

May corn is down 2¢ this morning.

May soybeans are down 3¾¢.

CBOT wheat is down 8¼¢. KC wheat is down 4¢. Minneapolis wheat is down less than a penny.

Yesterday USDA released the latest Crop Progress report. Corn planting progress doubled from 3% to 6% complete and soybean planting progress was reported for the first time this growing season at 3% complete.

“The trade will start to watch the U.S. corn planting number more closely next week,” says Al Kluis, managing director of Kluis Commodity Advisors. “The key to watch will be the eastern Corn Belt and the Delta. The Delta is not watched as closely as Illinois and Iowa, but is more important every year to total U.S. corn production.”

The National Oilseed Processors Association also released a report yesterday.

“I am watching the soybean crush reports,” says Kluis. “Long term, the increased crush pace is positive for soybean prices. On Monday the National Oilseed Processors Association (NOPA) report showed a record soybean crush for the month of March at 196.4 million bushels. This was a little less than trade expectations, so the report was viewed as negative for prices. Long term, the additional crush capacity is positive.”

Livestock are in the green this morning. Live cattle are up 40¢. Feeder cattle are up 18¢. Lean hogs are up 58¢.

Crude oil is down 37¢. Naomi Blohm, senior market adviser with Total Farm Marketing, says “May crude oil options expire tomorrow, [so] crude futures prices may act ‘wonky’ today and tomorrow as futures may maneuver to approach various strike prices.”

The U.S. Dollar Index June contract is up to 106.03.

S&P 500 futures are down 6 points. Dow futures are up 108 points.

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