Opening Comments: 8:40 A.M.
U.S. grain prices are mixed here this morning. July corn futures are 4-5¢ lower, July soybean futures are 10-11¢ higher, July Chicago wheat is 15-16¢ lower, July Kansas City wheat futures are 19-20¢ lower, and July Minneapolis wheat futures are 11-12¢ lower.
Livestock prices are higher this morning. Live cattle are 45¢ higher, feeder cattle are 20¢ higher and lean hog futures are 10¢ higher.
Crude oil is up 19 ¢ this morning and the Stock market is up 368 points to start off today’s trade.
After a sharp rally yesterday, grain prices are taking a break here today. Overnight prices were mostly lower but we seem to keep finding some support on any breaks. Funds continue to hold big long positions and seem to be defending those positions.
Corn planting progress come in at 49% planted compared to 67% on the 5 year average. Soybeans were 30% planted compared to 39% on the 5 year average. Weather this week looks to be pretty open for moisture so look for these numbers to ramp up. North Dakota, South Dakota and northern Minnesota are the main laggards.
Cash lean hogs were up yesterday on an active day of trading. We are also hearing of some export business picking up in the hog complex. Compared to beef and chicken, pork is pretty cheap.
There is some debate going on in the White House regarding RFS blending mandates. This is sure to be a sensitive issue on any decision so keep a close eye on the headlines.
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.
