Soybeans Close Up More Than 16¢

At the close on Monday, March corn was up 6¾¢ at $4.88¾ per bushel.

March soybeans closed up 16¼¢ at $10.58¼ per bushel.

March wheat contracts were also higher. CBOT wheat was up 7¼¢ at $5.66¾ per bushel. KC wheat was up 6½¢ at $5.85¾¢ per bushel. Minneapolis wheat was up a penny at $6.16½¢ per bushel.

“To say today’s trade was choppy would be an understatement,” said Karl Setzer, partner at Consus Ag Consulting. “Sizable losses were posted in the overnight session following news President Trump was moving forward with trade tariffs on Mexico and Canada at 25%, and an additional 10% on China. Markets were quick to react to the downside, but much of this was gained back early in day trade.

“Near the midway point of trade, it was announced that President Trump and Mexico’s President Sheinbaum had reached an agreement that would delay the implementation of tariffs for one month. This added to market support, as did drier weather outlooks for Argentina and declining production reports. We are also seeing more concern over Brazil’s production, mainly on safrinha [corn], as planting delays continue. Wheat took additional support from reports of heavy flooding in Australia and crop stress in Russia and the EU. The U.S. is still in talks with Canada and China on those tariffs, which did keep some uncertainty in the market into the close.”

April live cattle ended the day down $2.15 at $200.15 per hundredweight (cwt). March feeder cattle closed down $5.23 at $270.50 per cwt. April lean hogs ended the day down $4 at $86.35 per cwt.

Just past 3:20 p.m. CT, March crude oil was up 18¢.

March S&P 500 futures and Dow futures were down 29 points and 45 points, respectively.

Published: 3:41 p.m. CT

Corn Down Nearly 6¢: 8:58 a.m. CT

Shortly after the market opened at 8:30 a.m. CT, March corn was down 5½¢.

March soybeans were down less than a penny.

March wheat contracts were mixed. CBOT wheat was down 2¾¢. KC wheat was down 4¾¢. Minneapolis wheat was up 1¾¢.

“Markets are mostly weaker on the potential impact of U.S. tariffs on Canada, China, and Mexico,” said Ryan Kelbrants, commodity broker with CHS Hedging, this morning during the overnight session.   

Agri-Pulse reports: “President Donald Trump signed three executive orders Saturday to impose new tariffs on Mexico, Canada, and China, starting Tuesday. 

“New 25% duties will apply to all imports from Mexico and Canada, with Canadian energy exports facing a reduced 10% duty rate, according to a White House fact sheet first published by Punchbowl News. A separate 10% duty, on top of any pre-existing tariffs, will apply to Chinese products.” 

April live cattle were down $1.33 shortly past 8:30 a.m. CT. March feeder cattle were down 95¢. April lean hogs were down $1.53.

March crude oil was up 84¢.

The U.S. Dollar Index March contract was up to 109.12.

March S&P 500 futures were down 92 points. March Dow futures were down 514 points.

Published: 8:58 a.m. CT