Grains In the Red This Morning

Just past 9 a.m. CT, May corn was down 3¼¢ at $4.54½ per bushel.

May soybeans were down 19¼¢ at $10.10¼ per bushel.

May wheat contracts were also lower. CBOT wheat was down 6¼¢ at $5.33 per bushel. KC wheat was down 2¢ at $5.66½. Minneapolis wheat was down 1¼¢ at $5.91¼.

“The marketplace did not leave much doubt about what it thought of ‘Liberation Day’ yesterday,” said Matt Zeller, senior market intelligence analyst at StoneX, earlier this morning. “Dow Jones futures are down more than 1,200 points as of the time of this writing, and S&P and NASDAQ shares are indicating an even larger loss percentage-wise, down 3.5%-4% each. Reciprocal tariffs will be effectively half of what we are being taxed by other countries, according to President Trump’s plan, with a minimum 10% across the board; however, that number is a whopping 54% for China, according to the White House. Traders were hoping for something closer to that 10%-across-the-board level. China is less than thrilled, and European Union countries were impressively united in a unanimous displeasure of the new policy based on comments overnight. …

“Corn and soybeans gapped lower overnight on fears that Trump tariffs would create widespread global trade riffs and ultimately result in reduced U.S. exports. … Moreover, a parched southern Plains winter wheat crop looks to finally be seeing some needed moisture in the coming days, and forecasts are setting up nicely for a central belt planting window into mid-April.”

Just after 9 a.m. CT, June live cattle were down $2.53 at $204.88 per hundredweight (cwt). May feeder cattle were down $3.08 at $284.85 per cwt. June lean hogs were down $1.18 at $95.35 per cwt.

May crude oil was down $5.15 at $66.56 per barrel.

The U.S. Dollar Index June contract was down to 101.28.

June S&P 500 futures were down 209 points. June Dow futures were down 1,409 points.

Published: 10:02 a.m. CT