Corn is down a penny while soybeans are up a penny.
CBOT wheat is up 4¢. KC wheat is up 3¢. Minneapolis wheat is up 3¢.
Live cattle are up 23¢. Lean hogs are flat. Feeder cattle are down 40¢.
This Thursday, USDA releases the World Agricultural Supply and Demand Estimates (WASDE) report. Al Kluis with Kluis Commodity Advisors says this is “the big one.” He is looking to see if USDA will increase corn and soybean yields, cut projected corn and wheat exports, cut the size of the corn and soybean crops in Argentina as much as the private projections have, and cut global projected usage of corn and soybeans.
He says if corn and wheat exports are slow again this week, USDA will reduce exports and increase ending stocks in the report.
Nick Tsiolis with Farmer’s Keeper says he is watching weather in South America this week. According to Commodity Weather Group, stress is rebuilding to nearly 2⁄3
of Argentina’s corn and soybean acres.
Crude oil is up $1.83 and is back up over $75 a barrel. Naomi Blohm with Total Farm Marketing says the price is up in part over concerns about Washington wrapping up a program that had been in place for over a year to help boost global supply and reduce gas prices. The program transferred millions of barrels of crude each week from the Strategic Petroleum Reserve into commercial use.
The U.S. Dollar Index is at 103.
The S&P 500 is up 28 points. The Dow is up 143 points.