Grains Market Update: Corn and Soybeans Rally After WASDE Report

At the market close, July corn surged by 8¼¢ to reach $4.88¾ per bushel, while May soybeans increased by 16¼¢ and settled at $10.29 per bushel.

Jamey Kohake, senior risk manager at Pinion, noted that there was significant activity in row crops following the release of the World Agricultural Supply and Demand Estimate (WASDE) report by the USDA. Kohake stated, “The beans firmed up more than corn, especially with a sharply lower U.S. dollar leading to short covering in soy products.”

Although bean exports were reported to be relatively soft and corn had seen a decline compared to the previous week, Kohake emphasized the importance of monitoring demand going forward. He stated, “We’re looking ahead to the planting season where we may see a resurgence in hedging activity and potentially recover from recent losses.”

Wheat and Livestock Market Trends

On Thursday, May wheat markets experienced a decline, with CBOT wheat dropping by 4¼¢ to $5.38 per bushel, KC wheat decreasing by 10¢ to $5.58 per bushel, and Minneapolis wheat falling by 6¾¢ to $6.02 per bushel.

In the livestock sector, June live cattle were down $3.17 at $195.20 per hundredweight (cwt), while May feeder cattle dropped $2.90 to $275.30 per cwt. June lean hogs, however, recorded a gain of $1.47, reaching $93.17 per cwt.

As for other commodities, May crude oil was down $2.22 at $60.13 per barrel. Market indices also saw declines, with June S&P 500 futures down by 237 points and June Dow futures falling by 1386 points. The June U.S. Dollar Index dropped by 1753 points.

Grains Start Day Higher on Thursday

Early in the day, July corn was up by 2½¢ at $4.83 per bushel, while May soybeans increased by 7¾¢ to $10.20½ per bushel.

Don Roose, president of U.S. Commodities, highlighted the market’s response to tariffs and weather conditions, noting that the uncertainty surrounding tariffs has impacted market sentiment. With anticipation building for the USDA report, Roose mentioned the importance of examining the demand side of the market in light of ongoing trade tensions.

In the wheat market, prices were lower in the morning, with CBOT wheat down by 3½¢ at $5.38¾ per bushel, KC wheat decreasing by 2½¢ to $5.65½ per bushel, and Minneapolis wheat falling by 4¼¢ to $6.04½ per bushel.

June live cattle were down 97¢ at $197.40 per hundredweight (cwt), May feeder cattle fell 92¢ to $277.27 per cwt, and June lean hogs saw an increase of 47¢ to $92.17 per cwt.

May crude oil prices dropped by $3.05 to $59.30 per barrel. Market indices showed declines, with June S&P 500 futures down by 146 points and June Dow futures falling by 882 points. The June U.S. Dollar Index dropped by 1418 points.

Overall, the grain market exhibited positive movement following the release of the WASDE report, with traders closely monitoring demand dynamics and weather patterns as planting season approaches.