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…
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