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At the market open, corn is up 6¢ and soybeans are down 4¢.
CBOT wheat is down 1⁄4
of a penny. KC wheat is up 7¢. Minneapolis wheat is up 11¢.
This morning USDA announced the sale of 382,000 metric tons of corn for delivery to China. The sale included 246,000 metric tons for delivery during the 2022/2023 marketing year, and 136,000 metric tons for delivery during the 2023/2024 marketing year.
Concerning soybeans, Ami Heesch, commodity broker with CHS Hedging, says the outlook is for lower trade as Brazil moves a “ginormous” soybean crop to market.
“A Brazilian soybean cargo is set to leave port the last week of April and make its way to the U.S. (North Carolina), which is said to be the first since 2021,” she says.
She also notes soybeans were lower overnight on news of improving weather for spring planting in the U.S.
On weather, The Brock Report says, “The U.S. weather outlook is looking a little less favorable this morning, with increased rainfall for the second half of next week in particular. Still, overall the next two weeks are expected to be favorable for fieldwork. There is the potential for some much-welcome rain in Kansas and into parts of the western corn belt today.
“This week’s unseasonably warm weather and dryness has enabled planting across the Midwest, though some producers are being cautious given the much-colder weather expected next week. Soggy weather in the latter half of next week is also expected in the Delta region. But the outlook for April 22 through April 28 is dry across the eastern half of the U.S., and as long as that holds, the planting outlook will remain very favorable.”
Live cattle are currently down 55¢. Lean hogs are up 83¢. Feeder cattle are down 33¢.
Crude oil is up 82¢.
S&P 500 futures are up 13 points. Dow futures are up 42 points.
Outside of the U.S., milling wheat is up on the European MATIF trade. Corn is up while soybeans are down on the Chinese Dalian trade.
