May corn is up 5 cents. July is up 2 cents, and December is steady. May soybeans are up 13 cents. July is up 14 cents, and November is up 14 cents. The wheat complex is off to a rough start today. CBOT is down 19 cents. KC is down 27 cents, and spring wheat is down 16 cents.
Traders are preparing for a multi-day downpour in the Dakotas that will slow the planting pace for the short-term. Many farmers in those areas have not hit the field or have barely begun to scratch around in the high spots. Although this is the not the ideal start to planting season, they still have time to get the crop in the ground and grow a good crop with normal weather this summer.
Livestock futures are closing out the week with further selling pressure. Lean hogs are leading the way lower with futures down $2.10 to $2.30. Feeder cattle are down 90 cents. April live cattle is higher on the day, but today is the last trading day for this contract. June is down 75 cents.
The dollar index came within 0.01 of the March 2020 high on the continuation chart yesterday. The failure to break through that old high likely triggered some profit taking overnight and this morning. Last trade on the US dollar is down 0.42 at 103.24.
Crude oil is up $1.50 at $106.86. The April 19 high at $109.20 is the next upside target for the crude bulls. June RBOB gasoline briefly traded over the $3.50 mark this morning. Momentum indicators are extremely overbought and look like they could sway to the bear camp with any short-term weakness.
About the Author: Bob Linneman is a commodities broker with Kluis Commodity Advisors. Linneman grew up on a diverse farm in eastern South Dakota. Between milking cows, managing a beef herd, and farming various crops, he experienced many aspects of agriculture firsthand. After graduating from North Dakota State University with a degree in business, he moved to Hawaii with his wife. There he was an associate portfolio manager for a fixed income firm that managed $2 billion in assets. After nearly two years in Hawaii, he moved back to the Midwest and began his career in commodities. Linneman is licensed as a Series 3 and Series 30 commodity broker.