Joe Camp

Planting delays are likely to be extended early in the week before a forecast that looks more conducive to progress, which could help lean on grain prices at the open. In the Headlines July corn futures rallied 10 1/4 cents last week while July soybeans jumped 37 3/4. The most active Chicago wheat contract managed to hold a gain of 1/4-cent but July KC wheat gave back 4 cents. June live cattle finished lower by $1.90 but settled within the top half of the week's range. May feeders were down $5.40. May hogs fell $1.85. The crude oil market continues to be closely watched for its influence on the broader commodities space. WTI crude futures dropped $5.75 last week to help weigh on soybean oil prices. U.S. production remains high and there had been a slight easing of tensions related to conflict in the Middle East. Domestic gasoline demand should start to ramp up considerably as Memorial Day approaches to kick off summer vacation season. Israel's war on terrorism could be poised to escalate this week as it looks like Gaza ceasefire talks in Egypt are not going to wrap up with any agreement this weekend. Weather in South America…

Corn and soybeans will look for guidance from whether or not wheat futures can extend their gains after finishing higher in seven sessions straight. Most calls are for a slightly softer start in reflection of a better forecast for world weather. The spreads should remain active as positions are cleaned up after May options expired on Friday and before first notice day on Tuesday. In the Headlines July Kansas City wheat futures were the upside leader last week with a gain of 71 1/4 cents over the five sessions. July Chicago wheat finished up 55 1/2 while July corn rose 7 cents. July beans were higher by 11 1/2 cents for the week. April live cattle climbed $3.20 and May feeders were up $6.70. June hogs lost $2.35 last week. Wheat's recent leadership was sparked by another Russian attack on Ukraine's Odessa port before price strength was extended with help from concerns over dry weather in Russia as well as deteriorating crop ratings for Europe and the Southern Plains. Another crop condition ratings cut is expected for U.S. winter wheat on Monday's Progress report. Bullish fundamental inputs triggered an eventual technical breakout as Chicago wheat futures climbed above $6 for…

Follow-through interest will be tested after the grains posted a firm close on Friday. The overall tone of the grain trade is likely to largely depend on which directions oil and the dollar index are heading. In the Headlines A strong close on Friday limited the weekly loss for May corn futures to 2 cents. May beans were down 23 1/2 cents last week. May Chicago wheat was down 5 3/4 cents while May Kansas City wheat dropped 8 1/4. April cattle were up $2.57 and April feeders gained $3.72. June hogs were up $2.75 for the week. The House of Representatives voted on Saturday to pass a spending package worth $95.5 billion that includes $61 billion for Ukraine, $26.4 billion for Israel, and $8.1 billion "to counter China's actions in the Indo-Pacific" (protection for Taiwan). As the federal government is taking on new debt at relatively higher interest rates, the total cost of servicing the deficit amounts to 36 percent of annual tax receipts – the highest level in 27 years. Interest costs could increase by almost another 50 percent by the end of the year if the central bank does not reduce rates. The Environmental Protection Agency issued…