Posted on May, 16, 2024 at 10:19 am
CBOT wheat is down 6¾¢. KC wheat is down 8¼¢. Minneapolis wheat is down 6¼¢.
“Futures trade started out today’s session with sizable gains as short covering continued,” says Karl Setzer, partner at Consus Ag Consulting. “By mid-session this rally had started to run out of steam though, as follow-through buying did not surface. A lack of fresh bullish news and thoughts corn planting is progressing at a quicker than reported pace also weighed on trade. Early support also came from monthly economic data, but the unlikely chance of an interest rate cut in the near future limited market response. Reports out of Russia that any production lost from recent weather will be replanted also weighed on today’s grain trade. The soy complex was supported by firm energy values, but the same lack of fresh news for grains applied pressure to soy values. Concerns that U.S. biodiesel demand is not keeping up with production added market pressure.
“... The National Oilseed Processor Association (NOPA) released its April soybean crush report today with a surprising low usage number. In the month of April NOPA members crushed 166 million bushels of soybeans, well below the range of trade guesses and a 7-month low total. Prior to the report trade had been expecting a usage number of 183 million bushels. April’s soybean crush was down 15.5% from March and 4.2% below the April 2023 crush volume.”
Live cattle ended the day up 8¢. Feeder cattle are up 20¢. Lean hogs are down 83¢.
Crude oil is up 83¢.
S&P 500 futures are up 58 points. Dow futures are up 338 points.
Published: 3:32 p.m. CT
Source: Successful Farming