Grains making gains ahead of May WASDE. Friday, May 10, 2024

July corn is up 3½¢ this morning.

July soybeans are up 5¢.

CBOT wheat is up 12¼¢. KC wheat is up 10½¢. Minneapolis wheat is up 12¢.

“USDA releases one of its biggest WASDE [World Agricultural Supply and Demand Estimates] crop reports of the year at noon Washington time today,” says Arlan Suderman, chief commodities economist for StoneX. “It is big because it will contain WASDE’s first balance sheets for the 2024-2025 marketing year, including its first field-survey based winter wheat production estimates for the new marketing year. There’s plenty of speculation around the size of the U.S. crop after drought stressed crops in the southwestern Plains this spring, although some areas of the region are noting more spring freeze injury than drought stress. Nonetheless, the production estimates take on more meaning this year amid reports of drought stress and freeze damage in southern Russia.

“… Otherwise, the key to today’s reports will be the scope of reductions to South American corn and soybean production estimates due to adverse weather, which should have a direct impact on U.S. export targets for the 2024-2025 marketing year, directly impacting ending stocks estimates. The May WASDE report typically sets the tone for the summer’s market action.”

Live cattle are up 95¢. Feeder cattle are up 80¢. Lean hogs are up $1.60.

Crude oil is up 8¢.

S&P 500 futures are up 11 points. Dow futures are up 132 points.

Tags: live cattle, feeder cattle, lean hogs, corn, soybeans, wheat, futures