Wheat up 15¢ this morning. Friday, April 5, 2024
May corn is up 2½¢ this morning.
May soybeans are up 2¾¢.
CBOT wheat is up 15¢. KC wheat is up 9½¢. Minneapolis wheat is up 7¢.
“Grain and oilseed futures are mostly higher as the weekend approaches, with wheat leading the way on concern about supplies out of the Black Sea region,” said The Brock Report this morning prior to the 8:30 a.m. open. “… The war between Russia and Ukraine continues to escalate and the risk of a broader war seems to be growing.
“Russia said it thwarted a drone attack overnight into Friday [in] the Rostov region, which is on Ukraine’s eastern border and serves as a base for Russian operations. It said it downed 44 drones, and suffered damage only to a power substation. Ukraine says it destroyed several Russian military aircraft. Either way, the attack represents one of Ukraine’s biggest cross-border attacks of the war, and comes as Putin says Russia is in ‘direct confrontation’ with NATO amid growing talk of Ukraine joining NATO.
“… Besides the risk of further disruptions tied to the war, there has also been a cloud over Russian export potential recently stemming from apparent disputes between the government and grain exporters in country. Bloomberg confirmed issues with two wheat cargoes destined for Egypt being held up by the Russian government, although today Reuters reports that the two cargoes, which had been set to leave Russia in March, have finally been given the green light.”
Live cattle are down 55¢ this morning. Feeder cattle are down $1.60. Lean hogs are up $1.00.
Crude oil is down 9¢.
S&P 500 futures are up 24 points. Dow futures are up 70 points.
Outside of the U.S., milling wheat is up on the MATIF exchange. Corn and No. 1 soybeans are up on the Dalian exchange while No. 2 soybeans are down.
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