Soybeans start the day up 5¢. Wednesday, May 1, 2024
Much of the world is shut down for May Day celebrations this week, which is limiting trade in the grain markets. I expect a low-volume day of trade ahead of the big announcement from the Federal Reserve this afternoon. The thought is no interest rate change this month and the forward guidance will be for higher rates for the long term as inflation stays stubbornly high.
It is worth noting that the bull spreads (May gaining on July futures) are working again today.
May corn futures are down 1½¢, and July is down 2¾¢. May soybean futures are 5¢ higher, and July soybeans are up 2¢. Wheat futures are 2¢ to 5¢ lower.
Outside the U.S., the stock market in China is up down 0.3% while stocks in Japan are down 0.2%. European stocks are down 0.3%.
The U.S. Dollar Index is down .01 points at 106.20, crude oil is down 86¢ per barrel at $81.05. Gold is up $11 per ounce and the U.S. stock market is flat.
In the livestock markets today, June hogs are up 70¢, June cattle are up 80¢ and August Feeder cattle are down 35¢.
Author: Al Kluis
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