USDA Expands

Soybean harvest. ©Debra L Ferguson Corn trade is 20 to 22 higher on May at midday, with back months 5 to 7 cents higher, soybeans are narrowly mixed and wheat is 3 to 14 cents higher. MARKET SUMMARY: The U.S. stock market is soft with the Dow down 30 points. The U.S. Dollar Index is 0.10 higher. Interest rate products are weaker. Energies are firmer with crude up $0.45. Livestock trade is mixed with cattle leading. Precious metals are flat with gold up $1.00.

©Debra L Ferguson Stock Images The cotton market is moderately higher as it continues to watch Chicago grains zoom higher. Overnight May corn did trade its expanded 40-cent limit. Of course, cotton does have its own set of fundamentals to price out, nonetheless the cotton market is inextricably linked to the grain complex. USDA published its planting progress data Monday afternoon, and the numbers seemed pretty ordinary. The national crop is 12% planted versus 11% on the five-year average.

Photo: Texas AgriLife Extension Cattle and hog futures set a positive day Monday with the potential of further price increases Tuesday. However, feedlots will be anxious to move cattle this week and may take a lower price. Grain prices continue to skyrocket and could put pressure on the market.