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Soybeans close up 30¢ in wake of USDA reports | Friday, March 31, 2023
May corn ended the day up 9¢ to $6.58 per bushel. This is up 15¢ week-over-week.
May soybeans closed up 30¢ to $15.05 per bushel. This is up nearly 80¢ week-over-week.
In today's Prospective Plantings report USDA projected nearly status quo soybean acres for 2023 and the quarterly Grain Stocks report number for soybeans was much lower than expected. Al Kluis, managing director for Kluis Commodity Advisors, says this is a recipe for tight supply and to expect higher soybean prices.
CBOT wheat is down 1⁄4 of a penny. KC wheat is up 6¢. Minneapolis wheat is up 16¢.
Live cattle are up $1.05. Lean hogs are down 15¢. Feeder cattle are up 75¢.
Crude oil is up $1.10.
The U.S. Dollar Index June contract is at 102.22.
S&P 500 futures are up 45 points. Dow futures are up 314 points.
Corn and soy quietly higher ahead of USDA reports: 8:59 a.m. CDT
Corn and soybeans are currently up 1⁄2 of a penny.
CBOT wheat is down a penny. KC wheat is up 3¢. Minneapolis wheat is down 3¢.
This morning at 11 a.m. CDT, USDA releases the Prospective Planting and Grain Stocks reports.
Bob Linneman, commodities broker with Kluis Commodity Advisors, says there have been rumblings that USDA may come in below trade expectations for soybean acres.
"That is what makes a market," he says. "The bulls and bears are going to take their position and see what the report says. Once the dust settles after the report, traders will turn to spring weather in the U.S.
"If the soybean rally is going to continue, then it will need some friendly news in the report today. U.S. exports are unlikely to see much action, since we are currently more than $1.50 per bushel higher than Brazil."
Live cattle are up 33¢. Lean hogs are up 13¢. Feeder cattle are up 80¢.
Crude oil is up $1.06.
S&P 500 futures are up 19 points. Dow futures are up 171 points.
