Good Close for Corn and Soybeans

At the close, May corn was half a penny stronger at $5.12¾ per bushel.

May soybeans were up 14¾¢ at $10.63 per bushel.

President of U.S. Commodities Don Roose said the market was trading on Wednesday comments from President Donald Trump, “He gave more of a, ‘Well, maybe we can get something that is more positive with China on trade.’ So, that gave us a little bit of support.”

Looking more broadly at the markets, Roose said, “Technically, we’re into a lot of resistance areas, and the anchor on the market is South America. Weather continues to improve in some of the dry areas. Harvest in Brazil is probably getting close to 35% done, and the planting in the north is right behind that. So, maybe a few days behind on corn planting, but not anything big.”

May wheat contracts were in the red at the end of the trading day. CBOT wheat was 6¼¢ weaker at $6.00¼ per bushel. KC wheat was 6¼¢ down at $6.20 per bushel. Minneapolis wheat was half a penny lower at $6.47¾ per bushel.

The livestock trade was also negative at the close, April live cattle was down 97¢ at $193.80 per hundredweight (cwt). March feeder cattle were $2.20 weaker at $266.82 per cwt. April lean hogs were $1.22 lower at $88.52 per cwt.

Shortly before 3:00 p.m. CT, April crude oil was 34¢ higher at $72.44 per barrel.

March S&P 500 futures were down 31 points. March Dow futures fell 475 points.

The March U.S. Dollar Index dropped 778 points.

Published: 3:13 p.m. CT

Soybeans Start Strong: 9:18 a.m. CT

May corn just before 9:00 a.m. CT was 1½¢ higher at $5.13¾ per bushel.

May soybeans jumped 6¢ at $10.54¼ per bushel.

The markets started off the morning with firmer trade according to Jamey Kohake, senior risk manager with Pinion, “Managed money continued their position on really solid demand with corn and still some dicey issues with weather in Argentina.”

May wheat contracts were mixed after the market open. CBOT wheat was 3½¢ weaker at $6.03 per bushel. KC wheat was 1¾¢ down at $6.24½ per bushel. Minneapolis wheat was 4¼¢ stronger at $6.52½ per bushel.

April live cattle was 80¢ down at $193.97 per hundredweight (cwt). March feeder cattle were $1.60 lower at $267.42 per cwt. April lean hogs were 5¢ higher at $89.80 per cwt.

April crude oil was 44¢ higher at $72.54 per barrel.

March S&P 500 futures were down 36 points. March Dow futures dropped 266 points.

Published: 9:18 a.m. CT