Soybeans end day up 4¢. Monday, April 29, 2024

July corn closed down less than a penny.

July soybeans are up 4¾¢.

July wheat is mixed. CBOT wheat is down 13¾¢. KC wheat is down 3¾¢. Minneapolis wheat is up 4¼¢.

“Wheat has been the leader to the upside over the past several sessions, and today wheat led the market lower,” says Karl Setzer, partner at Consus Ag Consulting. “Big weekend rains for the Corn Belt were negative for all contracts, but precipitation for the Southern Plains was more negative for wheat. Weekend rains totaled over six inches in some areas of the region. That said, some of the driest areas missed the rains and will continue to be stressed. There are also thoughts wheat fields suffered damage in weekend storms.

“Soybeans were able to separate themselves from the grains and post sizable advances. Technical buying and thoughts we may see fewer uncommitted acres shift to soybeans given the current corn planting pace were primary sources of support today. Some concern over weather stress on the later planted soybean fields in Brazil was also supportive today.

“Corn spent its session lethargically stuck between the other markets. Limited fresh news and the lack of a weather threat for corn and soybeans weighed on both of those markets today.”

June live cattle are down $1.43. August feeder cattle are down 93¢. June lean hogs are unchanged.

Crude oil is down $1.10.

S&P 500 futures are up less than a point. Dow futures are up 62 points.

Soybeans up 7¢ at midday: 11:59 a.m. CDT

July corn is down less than a penny at midday.

July soybeans are up 7¾¢.

July wheat is mostly in the red. CBOT wheat is down 13¾¢. KC wheat is down 4¾¢. Minneapolis wheat is flat.

“Soybeans are trading higher today but have backed off from their highs earlier this morning,” says the Grain Market Insider newsletter by Stewart-Peterson Inc. “Soybean meal remains trading higher and is supporting bean futures, but soybean oil futures have slipping significantly and are now following palm oil lower.”

June live cattle are down $1.05. August feeder cattle are down 60¢. June lean hogs are up 15¢.

Crude oil is down 82¢.

The U.S. Dollar Index June contract is down to 105.35.

S&P 500 futures are up 17 points. Dow futures are up 112 points.

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