Corn Sees Fourth Consecutive Week-Over-Week Lower Close

Today, May corn closed down 6¾¢ at $4.58½ per bushel. From last Friday’s close, the contract ended the week down 10¾¢. This was the fourth consecutive week-over-week lower close for the contract.

May soybeans ended the day up 5¼¢ at $10.16 per bushel. From last Friday’s close, the contract was down 9¢. This was the third consecutive week-over-week lower close for the contract.

May wheat contracts ended the day in the red. CBOT wheat closed down 5½¢ at $5.57 per bushel. KC wheat was down 1½¢ at $5.86. Minneapolis wheat was down 2¢ at $6.01¾.

June live cattle ended the day up $1.08 at $199.35 per hundredweight (cwt). May feeder cattle closed up $1.13 at $282.65 per cwt. June lean hogs closed up 10¢ at $96.30 per cwt.

Just past 3 p.m. CT, April crude oil was up 59¢ at $67.14 per barrel.

March S&P 500 futures were up 107 points. March Dow futures were up 629 points.

Published: 3:16 p.m. CT

Grains Mixed This Morning: 9:24 a.m. CT

Ahead of 9 a.m. CT, May corn was down 6¼¢ at $4.59 per bushel.

May soybeans were up a penny at $10.11¾ per bushel.

May wheat contracts were mixed. CBOT wheat was down 2½¢ at $5.60 per bushel. KC wheat was up 2¼¢ at $5.89¾. Minneapolis wheat was up a penny at $6.04¾.

“The various tariff battles initiated by the Trump administration have had just marginal impact on grain and oilseed exports to this point, but it’s a futures market, and futures prices are pricing in potential scenarios,” said Arlan Suderman, chief commodities economist at StoneX. “That has pulled prices down to levels that are attractive to end users, which brings periodic strength to the market, but the risks to trade remain elevated enough that few buyers have the incentive to chase the market at this point.

“The exception to watch will be the wheat market, followed by corn, as both have some weather risks and relatively snug supplies among major exporters. Hot, dry conditions with high winds are stressing the winter wheat crop in the Southern Plains this week, while it’s becoming increasingly important that we see rains increase soon in Russia’s winter wheat belt as well amid unseasonably warm temperatures in the region.

“Many of the questions that I field focus on U.S. soybean sales and shipments to China, which still has a little over 1 million metric tons of unshipped U.S. soybeans on the books. I wouldn’t be surprised if we see a few cargoes cancelled by China to send a message, but I otherwise don’t expect to see much change here.” 

This morning, USDA announced new export sales to unknown destinations for the 2024/2025 marketing year:

• 218,604 metric tons of corn
• 20,000 metric tons of soybean oil

June live cattle were down 35¢ at $197.93 per hundredweight (cwt) ahead of 9 a.m. CT. May feeder cattle were up 18¢ at $281.70 per cwt. June lean hogs were down 23¢ at $95.98 per cwt.

April crude oil was up 36¢ at $66.91 per barrel.

The U.S. Dollar Index March contract was down to 103.76.

March S&P 500 futures were up 74 points. March Dow futures were up 372 points.

Published: 9:24 a.m. CT