Soybeans up 12¢. Wednesday, May 15, 2024

July corn is up 1¼¢.

July soybeans are up 12¾¢.

CBOT wheat is up 9¢. KC wheat is up 9½¢. Minneapolis wheat is up 3¾¢.

“The U.S. industry wheat crop tour currently occurring in Kansas revealed good yield potential on day one, although it will travel through southwestern and south-central Kansas today, where freeze and drought damage will be more prevalent,” says Arlan Suderman, chief commodities economist for StoneX. “Midwest planting delays remain a concern for corn and soybean traders as well. Commodity Weather Group expects the best seeding opportunities to be in the northern Midwest this week, and again in the 11- to 15-day period, but progress will be difficult elsewhere if the current forecast verifies. Some models hint at some possible improvement at the end of the month, but confidence is currently low.”

This morning USDA announced unknown destinations are buying 180,000 metric tons of soybeans, 120,000 metric tons for the 2023/2024 marketing year and 60,000 metric tons for the 2024/2025 marketing year.

Also this morning, the latest Consumer Price Index (CPI) data was released.

“Wall Street is celebrating today’s inflation numbers, since they show a decline from the previous month and since they matched analyst expectations,” says Suderman. “But this doesn’t acknowledge the fact that today’s data doesn’t get us back to the 2% mandate. Maintaining this monthly pace the rest of the year would have the core CPI close to the 4% level, which is twice the 2% mandate. That does not give the Federal Reserve room to cut rates. In fact, it’s an argument for a rate hike, which [Federal Reserve] Chair Jerome Powell has essentially ruled out in recent comments.”

Live cattle are down 18¢ this morning. Feeder cattle are down 40¢. Lean hogs are down 90¢.

Crude oil is down 77¢.

The U.S. Dollar Index June contract is down to 104.59.

S&P 500 futures are up 30 points. Dow futures are up 141 points.

Outside of the U.S., milling wheat is up on the MATIF exchange. Corn and soybeans are up on the Dalian exchange.

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