# Perspective: Mid-Day Commentary for May 2

> Grain and oilseed markets traded mostly higher on May 2, with soymeal demand lifting soybeans and corn gaining on positive money flow. Hard wheat added weather premium while Chicago soft red winter wheat eased. Cattle futures rallied after USDA found no bird flu virus in tested ground beef.

- Date: 2024-05-02 · published 2024-05-02T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/9324-perspective-mid-day-commentary-for-may-2
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Live Cattle](https://feedsoft.ai/c/LCATTLE.md)

## Why it matters

Routine intraday strength in soymeal and hard wheat reflects short-term demand and weather positioning rather than a new supply shock. The cattle rally follows removal of a food-safety scare that had weighed on demand.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bearish ▼
- KWHEAT: bullish ▲
- LCATTLE: bullish ▲

## Sources

- stonex.com: https://www.stonex.com/en/insights/perspective-mid-day-commentary-for-may-2-1494770/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.