Soybeans up 18¢. Friday, April 12, 2024

May corn is up 6¾¢.

May soybeans are up 18¢.

CBOT wheat is up 6¢. KC wheat is up 3¼¢. Minneapolis wheat is up 5¼¢.

“Futures are showing some strength to start the last session of the week, with soybeans leading the charge,” says Karl Setzer, partner at Consus Ag Consulting. “This strength is coming from renewed export demand on U.S. offers, even though USDA cut its yearly export forecast in yesterday’s WASDE [World Agricultural Supply and Demand Estimates] report.

“Sharply higher crude oil futures and stronger soy products are supporting the entire soy complex this morning as well, as is technical short covering. Corn and wheat are also on the positive side today, with light short covering in those contracts as well. Reports of heavy disease and insect pressure in the Argentine corn crop are favoring that complex. This has caused analysts to trim the Argentine corn crop and believe it will get even smaller.”

This morning USDA announced the third soybean export sale of the week. Unknown buyers are purchasing 124,000 metric tons of soybeans for the 2023/2024 marketing year.

Live cattle are down 38¢ this morning. Feeder cattle are down 95¢. Lean hogs are down $1.20.

Crude oil is up $2.37.

The U.S. Dollar Index June contract is up to 105.82.

S&P 500 futures are down 44 points. Dow futures are down 313 points.

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