Wheat making gains again today. Friday, April 26, 2024

May corn is down a penny this morning.

May soybeans are down 2½¢.

CBOT wheat is up 4¢. KC wheat is up 7¢. Minneapolis wheat is up 3¢.

“Strength in the grain and oilseed sector stagnated overnight, but that’s not unusual,” says Arlan Suderman, chief commodities economist for StoneX. “Much of the recent strength has been met by overnight selling, with strength then returning following the morning pause.

“Wheat continues to be the leader in the complex, although prices are now getting into over-bought territory. Fund short covering has been orderly thus far, with few signs of panic. It’s still early, with plenty of time yet for weather conditions in the Plains, Europe, and Russia to improve.

“Rains again missed key production areas of the central and Southern Plains overnight, where we may see another week of declining condition scores reflected in Monday’s numbers. However, the key area to watch is southern Russia. That’s the area that’s been driving world prices lower over the past year plus. That’s where the world cash price is essentially set. Russia is still pushing cheap wheat out through its ports at a record pace, keeping the world supplied.”

June live cattle are down 30¢. May feeder cattle are up 68¢. May lean hogs are down 78¢.

Crude oil is down 11¢.

S&P 500 futures are up 50 points. Dow futures are up 169 points.

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