Grain prices are mixed this morning following the USDA report yesterday.
July corn is down 6 cents. December corn is down 2 cents. July soybeans are up 15 cents while November soybeans are up 10 cents. Wheat is lower this morning following the big rally yesterday. CBOT wheat is down 9 cents. KC is down 5 cents, and Minneapolis is steady.
Livestock futures are trying to rebound after an ugly day yesterday. Feeder cattle are up 40 cents while live cattle are down 15 cents. Lean hog prices are hoping to have found a bottom. June is up 75 cents, and August is up $1.60.
The U.S. dollar is trading slightly higher today, just shy of 105. The momentum readings on the dollar are deeply overbought, but it will take more than that to break the trend.
Crude oil is working on a strong close to the week. June crude is up $2.22 at $108.35. June RBOB gasoline shot to a new contract high today. Futures are now trading at $3.89.
The U.S. stock market is working on a higher day after a streak of aggressive selling. Some stability in the stock market would likely help ease fears of money managers.
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.