Wheat surges 32¢. Monday, May 20, 2024

July corn is up 7½¢.

July soybeans are up 21¢.

CBOT wheat is up 32¢. KC wheat is up 31¾¢. Minneapolis wheat is up 24¾¢.

“Wheat prices surged in Europe earlier today, leading to strong double-digit gains here in the States as well,” says Arlan Suderman, chief commodities economist with StoneX. “Russian weather is the focus, but concerns are growing beyond Russia now as well. Private production estimates from the Black Sea region are now starting to come in below 85 million metric tons. We’ve talked extensively about freeze damage in Russia, with Ukraine also talking about some damage, but the real threat to the Black Sea crop is related to the current drought pattern in southern Russia and in eastern Ukraine.

“… Widespread rains are expected to return to the Midwest early this week, after providing a window of opportunity for planting progress – primarily in northwestern areas – in recent days. Planting progress remains well ahead of the benchmark 2019 growing season when corn and soybeans didn’t complete planting well into June, but delays are still significant enough to raise concerns.”

Al Kluis, managing director of Kluis Commodity Advisors, says in today’s USDA Crop Progress report “The trade is expecting corn planting to be at 60 to 65%. Any number that is less than 65% I will view as positive for corn prices. We are in the ideal time period for the 12-week bottom-to-bottom price cycle to put in a low. Watch for the first day that prices close above the two previous days’ high to confirm that low.”

Live cattle are up 20¢. Feeder cattle are down 78¢. Lean hogs are up 10¢.

Crude oil is up 12¢.

The U.S. Dollar Index June contract is up to 104.42.

S&P 500 futures are up 19 points. Dow futures are up 47 points.

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