U.S. grain prices are higher this morning. July corn futures are 1 cent higher. July soybean futures are 16 to 17 cents higher. July Chicago wheat is 5 cents higher. July Kansas City wheat futures are 7 cents higher, and July Minneapolis wheat futures are 7 cents higher.
Livestock prices are higher this morning. Live cattle are 82 cents higher. Feeder cattle are 22 cents higher, and lean hog futures are $1.22 higher.
Crude oil is up $2.70 this morning and the Stock market is up 274 points to start off todays’ trade.
After the commodity wide selloff yesterday, we are getting a bounce back. Yesterday was month end and that seemed to bring in the selling. As the USDA reported late yesterday, 86% of corn and 66% of soybeans are planted. Farmers are basically right on the five-year average pace, and one would have to think rallies will be hard to sustain going forward.
Private exporters reported sales of 132,000 metric tons of soybeans to China this morning. Sixty-six thousand (66,000) metric tons are for the 2021/2022 marketing year, and 66,000 metric tons are for the 2022/2023 marketing year.
This afternoon we will get the Oilseed Crushings report for April. Trade estimate is 180.5 million bushels and compares to 169.9 million bushels in April a year ago along with 192.9 million bushels in March. Record crush for April stands at 183.4 million bushels.
Crude oil has bewn very sensitive to the headlines lately. The European Union made more progress into cutting off oil supplies from Russia, which sent prices higher. Then during the trade yesterday, there was a story out about OPEC suspending Russia on producing more crude oil. Many were thinking that is a step toward the other OPEC countries to increase their production.
Livestock prices are bouncing back here today. The commodity wide selloff included the beef and pork complexes too. Not much for new news in the meat complex. Fundamentals look very positive but if the funds want to sell, that will drive the prices lower.
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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.
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