July corn futures are 3 to 4 cents lower. July soybean futures are 10 to 11 cents higher. July Chicago wheat is 26 cents lower. July Kansas City wheat futures are 26 cents lower, and July Minneapolis wheat futures are 15 cents lower.
Livestock prices are mixed this morning. Live cattle are 75 cents higher. Feeder cattle are 62 cents higher. Lean hog futures are $1.82 lower.
Cash hog prices and carcass values last week were a little lower on Friday, and we are seeing some selling this morning. We still need to see the product get cleaned up in the lean hog complex. Also, China is slowly opening back up, and as it does, we should see meat exports from the U.S. pick up.
Crude oil is up $4.09 this morning and the stock market is down 335 points to start off today’s trade.
Big rains for the Upper Plains including the Dakotas, portions of Nebraska, and parts of Minnesota. These heavy rains over the three-day weekend are in areas that are already very wet. The question traders will focus on this week is how many Prevent Plant acres will we have in the Dakotas and northern Minnesota?
Wheat futures are under pressure as a good portion of the winter wheat area should get some rains this week and help add a few more bushels to their crop this year. There is still some optimism that Ukraine exports will resume.
Corn is stuck between wheat futures coming under pressure and a very strong crude oil market. Look for a choppy day of trade.
The latest Crop Progress report, which will be released at 3 p.m. CT, should show corn planting in the 85% to 90% area. Soybeans should be 70% to 75% planted.
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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 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.
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.
