Corn and soybeans close in the green | May 1, 2024

The corn and soybean markets closed higher today on a low-volume day of trade. Wheat futures were under pressure today and the energy markets were hit hard with crude oil down over $3.00 per barrel at this time. Note that this week, the first week of May, was the low in the energy markets. It certainly is time to start checking on fall fuel prices. 

The Fed, as expected, kept rates unchanged and said they would be patient in lower interest rates until they see evidence that inflation has cooled.

At the close, corn futures closed 3¢ to 4¢ higher, futures closed 5¢ to 6¢ higher. Wheat closed 3¢ to 10¢ lower.

On the early break in price commercials were active buyers, which helped stabilize and then rally back the corn and soybean markets into the close today.

In the outside markets, the U.S. dollar is now lower and the U.S. stock market is mixed to slightly lower, and gasoline and diesel futures prices are 7¢ to 10¢ per gallon lower.

In the livestock markets on Wednesday. June hogs closed $2.02 lower at $100.42, June cattle closed down $1.12 at $173.85, and August Feeder cattle closed down $3.75 at $251.75.

Published at 2:05 p.m. CT

Soybeans start the day up 5¢: 9:25 a.m. CT

Good morning and welcome to May. Much of the world is shut down for May Day celebrations this week, which is limiting trade in the grain markets. I expect a low-volume day of trade ahead of the big announcement from the Federal Reserve this afternoon. The thought is no interest rate change this month and the forward guidance will be for higher rates for the long term as inflation stays stubbornly high.

It is worth noting that the bull spreads (May gaining on July futures) are working again today.

At this hour, May corn futures are down 1½¢, and July is down 2¾¢. May soybean futures are 5¢ higher, and July soybeans are up 2¢. Wheat futures are 2¢ to 5¢ lower.

Outside the U.S., the stock market in China is up down 0.3% while stocks in Japan are down 0.2%. European stocks are down 0.3%.

The U.S. Dollar Index is down .01 points at 106.20, crude oil is down 86¢ per barrel at $81.05. Gold is up $11 per ounce and the U.S. stock market is flat.

In the livestock markets today, June hogs are up 70¢, June cattle are up 80¢ and August Feeder cattle are down 35¢.

Published at 9:25 a.m. CT

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About the Author: Al Kluis has been a commodity advisor and broker since 1976. Kluis is an introducing broker with Wedbush Futures and writes a column, Your Profit, which appears in every issue of Successful Farming magazine. Kluis has published two books on commodities trading and is commonly quoted in major publications including the Wall Street Journal. He is also a featured speaker at commodity conferences nationwide. Kluis is a frequent market analyst for the Linder Farm Radio News Network. A Minnesota farm boy, Kluis was awarded his degree in ag economics from the University of Minnesota in 1974, after which he was executive director of the Minnesota Soybean Association before entering the markets full-time. His family still farms in southwest Minnesota, and Kluis enjoys helping with fieldwork when the markets allow.