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Dynamic quotes 


End-of-day quote. End-of-day quote Chicago Board Of Trade - 05/07
773.5 USc   +1.21%
05/07GRAIN HIGHLIGHTS  : Top Stories of the Day
05/07Corn Finds New Highs as Rainfall Misses Dry Areas
05/07Corn, soybean futures hit multi-year highs on supply fears
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GRAIN HIGHLIGHTS : Top Stories of the Day

05/03/2021 | 05:27pm EDT


Corn Extends Climb on Brazil Dry Weather Outlook

Corn for July delivery rose 1.1% to $6.80 3/4 a bushel, its highest close since July 2013 on the Chicago Board of Trade, with trader interest in corn futures continuing as Brazil's second corn crop suffers from dry weather conditions.

Weather in Brazil continues to hamper the development of the country's second corn crop, which in turn pushed U.S. corn futures higher.

"Private Brazilian corn crop estimates continue to erode based on warm/arid weather conditions with some 50% of the Parana and Mato Grosso do Sul corn crop now in pollination," AgResource said. "The loss of 13-16 million metric tons of Brazilian corn is massive in a world marketplace that is short of feed."

Planting Progress Expected to Rush Forward -- Market Talk

1004 ET - Rapid planting is expected to be seen in this week's crop progress report from the USDA, says Tomm Pfitzenmaier of Summit Commodity Brokerage. "The planting progress going forward in the US is expected to be rapid and may even be record this week with the seed going into nearly ideal soil conditions," says Pfitzenmaier. Some 17% of the US corn crop was planted as of last week's report, while 8% of soybeans were planted and 28% of spring wheat has been planted. Crop-growing areas of the US benefited from scattered showers over the weekend, with more rainfall seen in the early half of this week, according to DTN. "The increased moisture will be good for emerging crops, though portions of the northwest could use more moisture," says the firm. (kirk.maltais@wsj.com; @kirkmaltais)


Soyoil Pressured After Front-Month Hits High -- Market Talk

12:20 ET - Most-active soyoil futures trading on the CBOT are down, this after the front-month contract rose to a record-high in the pre-market. While traders are taking profits now, the run-up seen earlier appears to come from a lingering sentiment that soyoil's use as a renewable fuel will grow. "Soybean oil reminds me a little bit of corn back when the [renewable fuel standard program] was instituted in 2007," says Craig Turner of Daniels Trading. "We used to think about 'food for fuel' as corn for ethanol in the US. When you think about it globally 'food for fuel' is also vegetable oil for biodiesel." This optimism has created a source of pressure for soybean futures, with the most-active contract down 1% today. (kirk.maltais@wsj.com; @kirkmaltais)

Palm Oil Rises After Strong Gains in Soybean Oil Market -- Market Talk

1024 GMT - Palm oil prices finished higher in Asian trade. The market rallied following strong gains in the Chicago soybean oil market, Kuala Lumpur-based palm oil trader David Ng says. Market talks of possible lower-than-expected crude palm oil production helped fueled the Monday rally, he adds. The benchmark contract for July delivery closed MYR187 higher at MYR4,055 a metric ton on the Bursa Malaysia Derivatives Exchange. (chester.tay@wsj.com)

U.S. Farmers Look for Government Help to Support Biden's Climate Plans -- WSJ

A White House goal to slash U.S. greenhouse-gas emissions hinges in part on farmers and agriculture companies changing the way they manage fields and feedlots. The farm sector says it will need the government's help to make it happen.

The Biden administration effort outlined in April has drawn support from agribusiness giants including Tyson Foods Inc., JBS SA, Cargill Inc. and CF Industries Holdings Inc., which have been pursuing their own environmental commitments. Individual farmers, whose participation is critical to meeting the administration's goals, are weighing the potential costs and benefits to their bottom lines, and say government support will be needed.


Hog Futures Become Market-Leading Asset -- Market Talk

15:30 ET - Livestock futures trading on the CME go in divergent directions, with the most active cattle contract closing down 1.3% to $1.1525 a pound while lean-hog futures drop 2.7% at $1.1265. Today's uptick makes lean hogs the leading asset in terms of gains year-to-date, according to markets tracked by WSJ, which include global stock indexes, bond ETFs, currencies and commodities. Year-to-date, hog futures have gained 57%, according to WSJ data. Behind hogs are corn futures at 53%, gasoline at 47%, and crude oil at 31%. Meanwhile, cattle futures are lagging behind most of the market, with futures down 3.9% for the year. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

05-03-21 1726ET

Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 1.74% 772.75 End-of-day quote.56.92%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 1.21% 773.5 End-of-day quote.20.77%
All news about WHEAT FUTURES (W) - CBR (FLOOR)/C1
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