Grains are lower on end of month profit taking, especially with the recent rally in the wheat market.
Plus, Randy Martinson, Martinson Ag, says its first notice day and there were heavy deliveries of May bean oil at 2,101 contracts, May soybeans at 533 and May Chicago wheat at 1,151 contracts.
So, soybean oil is sharply lower for a second day pulling soybeans down, while soybean meal has been supported by the oilseed workers strike in Argentina and slow soybean harvest pace.
Wheat is also seeing pressure as crop ratings for winter wheat nationally only dropped 1%, with 49% of the crop in the good to excellent category. And spring wheat planting pace was well ahead of average at 34% complete. With Minnesota at 30%, Montana at 28%, South Dakota at 22% and North Dakota at 20%
Martinson says rain in the forecast for Russia is also weighing on the wheat market.
The higher dollar is also weighing on wheat futures.
USDA’s crop progress report also showed planting pace ahead of the five-year average for corn at 27% and soybeans at 18%.
However, with the rains this week and more in the forecast that will slow the planting pace for the time.
Cattle futures see follow through selling on end of month profit taking and with USDA announcing it is testing ground beef in affected states for bird flu.
Meanwhile hog futures bounce on spreading against cattle and after holding chart support.
