Grains open higher with wheat making new highs for the move in Kansas City and Chicago wheat with both above the $7 mark.
At that level some farmer selling kicked in pulling wheat into negative territory.
However, Kent Beadle, Paradigm Futures, says the global weather story isn’t over in the wheat market. Plus, Paris milling wheat futures gapped higher this morning and made new highs which has been supporting the U.S. rally.
Corn and soybeans opened higher with wheat but are well off highs trying to hold gains.
Beadle says heavy rains and flooding in portions of the Northwestern Corn Belt the last 24 hours will cause more planting delays and even some Prevent Plant acres so that is supporting corn, but there is a tug of war going on because areas of the Eastern Corn Belt are going to be drier allowing a planting window.
Soybeans started higher as well with talk of China buying old crop U.S. soybeans for July, August delivery off the Pacific Northwest.
Cattle make new highs for the move with early higher cash at $192 in Nebraska plus higher cutouts.
Lean hogs score new lows for the move and take out key support at the 200-day moving average which is triggering technical selling and fund long liquidation. The futures premium to the Lean Hog Index and the drop in China pork imports are also factors.
