Corn Elevated by Slow Crop Progress
Corn contracts for July delivery rose 1.4% to $3.94 1/4 a bushel on the Chicago Board of Trade on Tuesday, with Monday's crop progress report showing corn acres still being far behind normal averages. Wheat contracts for July delivery rose 0.1% to $4.78 3/4 a bushel. Soybean contracts for July delivery fell 1.2% to $8.22 a bushel on reports about farm aid.
Corn futures continued to receive support from Monday's crop progress report that showed only 49% had been planted, far less than the five-year average of 80% for this point in the year. Additionally, the report showed certain key states much farther behind - Illinois only at 24% versus an 89% average, Indiana at 14% versus a 73% average.
Huawei Exemption May Support Soybeans -- Market Talk
09:39 ET - News that US officials had granted temporary exceptions to an import blacklist against Huawei Technologies could prove to be bullish in the short-term for soybeans futures, which has been the most reactive agricultural commodity to the back-and-forth of the US-China trade war. According to Doug Bergman of RCM Alternatives, the Huawei delay "could be seen as progress in the trade war, which would be good for the bean market." Since mid-April, the soybean contract has been on the decline, falling over $1 per bushel. (email@example.com; @kirkmaltais)
STORIES OF INTEREST:
Kroger Joins Reusable Product Pilot -- Market Talk
11:56 ET - Kroger becomes one of the first large US grocers to offer a reusable consumer products service that Nestle, Unilever, P&G and other major brands have begun to back as consumer become more worried about plastics. Brands that participate in the Loop system allow consumers to ship back their empty product containers and have them refilled. Kroger is starting the service online in New York, New Jersey, Pennsylvania, Maryland and Washington, D.C., but hopes to eventually roll it out to stores. (firstname.lastname@example.org; @heatherhaddon)
McDonald's Workers Raise Sexual Harassment Charges -- Market Talk
08:24 ET - More McDonald's workers are accusing the company of failing to respond to sexual harassment incidents in its locations, and filing suit or US Equal Employment Opportunity Commission complaints, according to unions. Organizations such as the Fight for $15 first levied charges three years ago, with 25 more workers now making claims. Sexual harassment in restaurants has been more of a focus since the Me Too movement. McDonald's says its implemented anti-harassment measures. (email@example.com; @heatherhaddon)
Allendale Forecasts Record Cattle-on-Feed Figures -- Market Talk
15:26 ET - Allendale is forecasting a record total of cattle on feed to be indicated in Friday's USDA report-totaling 11.886M head as of May 1, according to the firm. Allendale says this would be 2.8% higher than the same time last year--and would be the highest May 1 figure since the report started in 1996. Placements, meanwhile, are expected at 1.914M head through April, up 12.9% from last year and also the highest since 1996. The higher supply explains the downward trend for cattle, which falls 0.5% to $1.10850 per pound on the CME today. The contract has now fallen for 18 out of the last 22 sessions, dropping by 9.5% since April 22. (firstname.lastname@example.org; @kirkmaltais)