Wheat In The Green Again This Morning

A little past 9 a.m. CT, May corn was down 4½¢ at $4.56½ per bushel.

May soybeans were up 2¢ at $10.17½ per bushel.

May wheat contracts were higher. CBOT wheat was up less than a penny at $5.69¼ per bushel. KC wheat was up 4¢ at $6.09½. Minneapolis wheat was up 2¼¢ at $6.17¼.

“More strong winds of 45–60 miles per hour are expected today into tomorrow for the central and southern Plains winter wheat belt, adding another level of stress to the drought-plagued crop,” said Arlan Suderman, chief commodities economist at StoneX. “State crop condition reports show that the crop is currently in decent condition overall, despite ongoing dryness and the high winds, but those ratings are slipping as temperatures trend warmer and winds pull more moisture from the soil.

“U.S. wheat still needs to remain competitive on the global market, but risks to the overall Northern Hemisphere crop are trending higher, providing underlying support for the cash market, which is being noticed by traders. That then tends to provide modest support for corn prices as well. That said, tariff fears continue to hang over commodity markets, limiting the extent to which traders are willing to build long positions for now.”   

June live cattle were down 68¢ at $200.40 per hundredweight (cwt) at 9 a.m. CT. May feeder cattle were up 15¢ at $285.45 per cwt. June lean hogs were down 93¢ at $98.20 per cwt.

May crude oil was up 34¢ at $67.71 per barrel.

The U.S. Dollar Index June contract was up to 103.18.

March S&P 500 futures were down 66 points. March Dow futures were down 256 points.

Published: 9:30 a.m. CT