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Wheat and soybeans close higher, corn lower | Tuesday, May 17, 2022

Closing Comments: 3:10 P.M.

Wheat and soybeans close higher with corn lower on the day.

U.S. grain prices ended the trade on Tuesday mixed. July corn was down 8¾¢ with December corn down 4¾¢. July soybean futures were 21½¢ higher with November beans up 13½¢. July Chicago wheat closed up 30¢, July Kansas City wheat closed up 15¾¢, and July Minneapolis wheat closed up 8½¢.        

Livestock prices closed the day mixed. Live cattle futures finished the day down 17¢ on the June contract, May feeder cattle closed down 22¢, and June lean hog futures closed the day $1.32 higher.   

Crude oil is down $2.20 and the Dow futures were 432 points higher.

Soybeans led the day higher. After being the laggard on a stronger market Monday, the bean corn spreads seem to be back on again. News of China easing COVID restrictions had some money chasing soybeans again thinking we could see some increased demand for U.S. soybeans.           

Wheat prices today saw a choppy trade but ended the day posting solid gains. There seems to be some confusion on the extent of the ban of wheat exports from India. Now it sounds like some of the wheat still might be able to be exported. This will be a story to watch the rest of this week that could have a significant impact on the grain prices.

In the outside markets crude oil was lower with talk from the feds over worries of continued inflation. As the consumer deals with inflation there is a lot of concern we will start seeing overall demand be cut.

With an open week of weather to allow good progress in planting can we see corn planting get above 75% planted in the United States and soybeans up over 50% planted in next week’s crop progress report?

Mid-morning Comments: 10:40 A.M.

At midday we have July corn futures down 9¢ to 10¢ with December corn futures down 4¢ to 5¢. July soybean futures are 9¢ to 10¢ higher with November futures up 7¢ to 8¢. July Chicago wheat is 14¢ to 15¢ higher, July Kansas City wheat is 9¢ to 10¢ higher, and July Minneapolis is 3¢ to 4¢ higher.

Livestock prices are mixed with live cattle down 7¢, feeder cattle are 27¢ lower, and lean hogs up 67¢ per hundred.

Crude oil is down 10¢ this morning and the Dow futures are 257 points higher.

A choppy trade today. Soybeans have been higher all morning getting strength from China easing back on their COVID restrictions and allowing individuals to go back to normal day-to-day activities. This is allowing the market to think we could see some increased demand for more soybeans.

Wheat futures were lower to start the day but have turned higher. Poor crop rating and slow planting of spring wheat is supporting the markets.

Corn market is lower as the weather looks pretty optimal to see a good week of planting progress across the U.S. with many farmers looking to wrap up planting by the weekend.

Meat prices have been choppy. With China lifting COVID restrictions traders are expecting some increased demand in U.S. meat. Keep a close eye on the exports the next two weeks.

Opening Comments: 8:40 A.M.

U.S. grain prices are mixed here this morning. July corn futures are 4¢ to 5¢ lower, July soybean futures are 10¢ to 11¢ higher, July Chicago wheat is 15¢ to 16¢ lower, July Kansas City wheat futures are 19¢ to 20¢ lower, and July Minneapolis wheat futures are 11¢ to 12¢ lower.

Livestock prices are higher this morning. Live cattle are 45¢ higher, feeder cattle are 20¢ higher, and lean hog futures are 10¢ higher.

Crude oil is up 19¢ this morning and the stock market is up 368 points to start off today’s trade.

After a sharp rally yesterday, grain prices are taking a break here today. Overnight prices were mostly lower but we seem to keep finding some support on any breaks. Funds continue to hold big long positions and seem to be defending those positions.

Corn planting progress come in at 49% planted compared with 67% on the five-year average. Soybeans were 30% planted compared with 39% on the five-year average. Weather this week looks to be pretty open for moisture so look for these numbers to ramp up. North Dakota, South Dakota, and northern Minnesota are the main laggards.

Cash lean hogs were up yesterday on an active day of trading. We are also hearing of some export business picking up in the hog complex. Compared with beef and chicken, pork is pretty cheap.

There is some debate going on in the White House regarding RFS blending mandates. This is sure to be a sensitive issue no matter the decision so keep a close eye on the headlines.

About the Author: Cory Bratland is the youngest of five children who grew up on his family’s farm near Willow Lake, South Dakota. Bratland attended school at Willow Lake High School and graduated with an A.A.S. degree in ag business management at Lake Area Technical Institute in Watertown, South Dakota. He began his career as a cash grain marketer and grain trader with Cargill, Inc. While working for Cargill, Inc. Bratland held various merchandising jobs across South Dakota and Minnesota. In 2003, he was licensed as a Series 3 and 30 commodity broker. In 2008, Bratland left Cargill to be an independent commodity broker, starting Prairie Ag Marketing Services. In 2009, he partnered with Al Kluis as an affiliate office. In 2010, he became Kluis Commodity Advisors' Chief Grain Strategist. In addition to working with Al daily on marketing strategies, Bratland also serves private clients through Kluis Publishing and Prairie Ag Marketing. He lives near Willow Lake, South Dakota with his wife Erica and children, Hunter, Elliot and Isabella. He still actively participates in the family farm that raises corn, soybeans, alfalfa and also runs a cow/calf operation.

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Editor’s Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.

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