Having a tough day? Think again. This guy can't find a market for thousands of head of hogs.
Full story: The plight of a Nebraska hog farmer.
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At midsession:
At midsession, the May corn futures are 9 1/4¢ lower at $3.06 1/2. July corn futures are 8 3/4¢ lower at $3.14 3/4.
May soybean futures are 1/4¢ lower at $8.32. July soybean futures are 1/4¢ lower at $8.32.
July wheat futures are 5¢ lower at $5.25 1/4.
July soymeal futures are $0.40 per short ton higher at $292.20.
July soy oil futures are $0.08 cent lower at 25.42¢ per pound.
In the outside markets, the NYMEX crude oil market is $4.40 per barrel lower at $12.54 per barrel, the U.S. dollar is higher, and the Dow Jones Industrials are 286 points higher.
Mike
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At 8:45am:
In early trading, the May corn futures are 5 3/4¢ lower at $3.10. July corn futures are 5 1/4¢ lower at $3.17 3/4.
May soybean futures are 1¢ lower at $8.31 1/2. July soybean futures are 1/2¢ lower at $8.39 1/2.
July wheat futures are 5 3/4¢ lower at $5.24 3/4.
July soymeal futures are $0.60 per short ton higher at $293.20.
July soy oil futures are $0.26 cent lower at 25.24¢ per pound.
In the outside markets, the NYMEX crude oil market is $4.22 per barrel lower at $12.72 per barrel, the U.S. dollar is lower, and the Dow Jones Industrials are 127 points higher.
Al Kluis, Kluis Advisors, says that investors will be eyeing the ideal planting weather.
"U.S. planting progress advanced rapidly this week in the central and western Corn Belt. I estimate that planting will be right at the five-year average next week (20%). Farmers in the western Corn Belt are getting ahead of normal, and a few farmers will finish planting late this week. The eastern Corn Belt and Delta are running behind normal. Spring wheat producers are making good progress and should be close to the 29% five-year average in the Monday report," Kluis told customers in a daily note.
Kluis added, "The CFTC Commitments of Traders report on Friday showed the funds added to their short position in corn. They went to the short side in soybeans and reduced the long position in wheat. The report showed funds short 161,000 contracts of corn, and short 3,000 contracts of soybeans. For wheat, when you combine all three exchanges, funds are long 17,000 contracts of wheat. Funds are long winter wheat and have a near-record short position in Minneapolis spring wheat."
