Opening Comments: 8:40 A.M.
U.S. grain prices are mixed here this morning. July corn futures are 7-8¢ lower, July soybean futures are 2-3¢ higher, July Chicago wheat is 30¢ lower July Kansas City wheat futures are 34¢ lower and July Minneapolis wheat futures are 29¢ lower.
Livestock prices are lower this morning. Live cattle are 35¢ lower, feeder cattle are 50¢ lower and lean hog futures are 80¢ lower.
Crude oil is up 98¢ this morning and the Stock market is down 355 points to start off todays’ trade.
After 2 stronger days of trading the wheat futures are pulling back. When we are at these elevated prices a small correction is still a big move. Corn seems to be consolidating a bit in here waiting to trade on any new news and soybeans remain a bit choppy. Bull spreads are working today and that could keep the market from pulling back too hard.
Cash lean hog prices are very firm. Futures this week have seen a nice rebound. Seems like something big is about to happen in the pork complex. Hearing some talk of hog numbers to slaughter are about to drop very hard. This could be a reason why cash is so firm as packers go out and get what they can get their hands on.
Weather still looks to be very favorable to get the corn and soybean crops planted. There are still a few pockets that have done very little if any planting bit those areas are getting smaller each day. Look for a big push in planting progress this week.
About the Author: Cory Bratland is the youngest of five children who grew up on his family’s farm near Willow Lake, South Dakota. Bratland attended school at Willow Lake High School and graduated with an A.A.S. degree in ag business management at Lake Area Technical Institute in Watertown, South Dakota. He began his career as a cash grain marketer and grain trader with Cargill, Inc. While working for Cargill, Inc. Bratland held various merchandising jobs across South Dakota and Minnesota. In 2003, he was licensed as a Series 3 and 30 commodity broker. In 2008, Bratland left Cargill to be an independent commodity broker, starting Prairie Ag Marketing Services. In 2009, he partnered with Al Kluis as an affiliate office. In 2010, he became Kluis Commodity Advisors’ Chief Grain Strategist. In addition to working with Al daily on marketing strategies, Bratland also serves private clients through Kluis Publishing and Prairie Ag Marketing. He lives near Willow Lake, South Dakota with his wife Erica and children, Hunter, Elliot and Isabella. He still actively participates in the family farm that raises corn, soybeans, alfalfa and also runs a cow/calf operation.
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Editor’s Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.