Alan Brugler
Corn Pulls Gains Out of Midweek Session
BarchartWed May 1, 5:02PM CDT
Corn futures closed out the Wednesday session getting some spark higher. Contracts were fractionally to 4 cents higher across the board. EIA data from this morning showed a 33,000 barrel per day bump in ethanol production during the week that ended on April 26 to 987,000 bpd. Despite the increase...
Cotton Continue Weakness into Close
BarchartWed May 1, 5:02PM CDT
Cotton futures are down 37 to 211 points across the board at the close. Crude Oil was feeling the pressure, below $80 per barrel on the day, $2.77 lower. The Fed showed no changes to rates after their 2 day meeting this afternoon, and stated they need to see inflation...
Wheat Mixed on Wednesday
BarchartWed May 1, 5:02PM CDT
The wheat market closed Wednesday with mixed action across the three exchanges. Kansas City led the way lower, with contracts down 3 to 10 ¼ cents and May up ¾. Chicago contracts were down 1 ½ to 4 cents across the nearbys and up fractionally to 2 ½ cents in...
Hogs Fall to Weakness on Wednesday
BarchartWed May 1, 5:02PM CDT
Lean hogs fell lower on Wednesday, as contracts were anywhere from $1 to $2.05 in the red. USDA’s National Average Base Hog negotiated price was down a penny from the day prior in the Wednesday PM report at $92.02. The CME Lean Hog Index was down 26 cents on April...
Soybeans Head Higher on Wednesday
BarchartWed May 1, 5:02PM CDT
Soybeans rounded out the Wednesday session with contracts 4 ½ to 10 ¼ cents higher. Soymeal continued the weakness, with contracts 30 cents to $3.70/ton lower. Soy Oil was 16 to 28 points higher across the board. Export Sales data will be released on Thursday, with the trade range of...
Cattle Head Lower to Close Out Wednesday
BarchartWed May 1, 5:02PM CDT
Live cattle fell lower again on Wednesday, with contracts down $1.12 to $2.37 at the close. Cash trade has yet to develop this week. The Central Stockyards online Fed Cattle Exchange auction saw no sales on the 998 head offered, with no bids and asks of $184-185. Last week’s trade...
Soybeans Posting Slight Midday Strength
BarchartWed May 1, 12:01PM CDT
Soybeans are showing 1 to 3 cent gains so far on Wednesday, with May up 9 ¼ cents. May soybean deliveries slowed to 263 contracts. Soymeal is trading $3.30 to $4.30 lower at midday. There were 152 delivery notices against May soybean meal overnight. Soy Oil is putting together a...
Cotton Continue Weakness on Wednesday
BarchartWed May 1, 12:01PM CDT
Cotton futures are down 128 to 210 points across most contracts at midday. Crude Oil was is feeling the pressure, down below $80 per barrel at midday, down $2.65. The US dollar index is up 40 points on the day. The Fed will be out later this afternoon after their...
Hogs Head Lower on Wednesday
BarchartWed May 1, 12:01PM CDT
Lean hogs are down $1.10 to $2.07 on the Wednesday session so far. USDA’s National Average Base Hog negotiated price was up 34 cents from the day prior in the Wednesday morning report at $91.06. The CME Lean Hog Index was down 26 cents on April 29 at $90.26. USDA’s...
Wheat Lower on the Midweek Session
BarchartWed May 1, 12:01PM CDT
The wheat market is trading lower on Wednesday. Kansas City is leading the way with losses of 6 to 8 cents cents and in delivery May down 1 ¾. Chicago contracts are down 4 to 6 cents across the nearbys. MPLS spring wheat is steady to 2 ½ cents lower...
Corn Pulling Higher at Midday
BarchartWed May 1, 12:01PM CDT
Corn futures are trading 1 to 2 ½ cents higher so far at midday. There were 3 delivery notices overnight against May futures. The oldest long is dated 10/27/23, when May futures were trading $5.00-5.05. They’re either “pure” hedgers with a big paper loss or they had options positions cushioning...
Cattle Fading Early Session Recovery with Midday Losses
BarchartWed May 1, 12:01PM CDT
Live cattle are in freefall again on Wednesday after holding up earlier in the session. Contracts are down $1.67 to $2.95 at midday. Cash trade has yet to develop this week. The Central Stockyards online Fed Cattle Exchange auction saw no sales on the 998 head offered, with no bids...
Wheat Mixed on Wednesday Morning
BarchartWed May 1, 7:32AM CDT
Following overnight losses, the wheat market is down 2 to 7 cents across most hard red contracts, as Chicago is fractionally mixed. Bulls stumbled into month end on Tuesday. Kansas City led the way with losses of 6 to 15 ¼ cents and in delivery May down 21. Chicago contracts...
Hogs Switch Focus to Wednesday After Mixed Tuesday
BarchartWed May 1, 7:32AM CDT
Lean hogs closed out the Tuesday session with contracts anywhere from 45 cents lower to 62 cents higher as the summer months finished the weakest. USDA’s National Average Base Hog negotiated price was up $2.40 from the day prior on Tuesday afternoon at $92.03. The CME Lean Hog Index was...
Cattle Look for Recovery on Wednesday
BarchartWed May 1, 7:32AM CDT
Live cattle closed out the Tuesday session with contracts fading another $2.17 to $2.72 as April rolled off the board. Cash trade has yet to develop this week, with last week $182-183 in the South, steady to $1 higher. Northern trade was reported at $184-186, steady to $2 higher on...