Corn opens down 6¢. Tuesday April 4, 2023

At the open corn and soybeans are down 6¢.

CBOT wheat is up 3¢. KC wheat is up 8¢. Minneapolis wheat is up 9¢.

In yesterday’s Crop Progress report, USDA reported 28% of the U.S. winter wheat crop is rated good/excellent. Arlan Suderman, chief commodities economist for StoneX, says this is the lowest reading in four decades.

“The crop’s condition index score that considers all five condition categories is just 279 this week, which ties last year’s crop for the second lowest on record,” he says. “The poor winter wheat ratings are focused primarily on the Plains states, with the wheat-state of Kansas having the lowest condition score of just 230, down from 295 a year ago. The low ratings supported wheat prices overnight, especially with yet another major winter storm expected to add to the deep snowpack in the Northern Plains spring wheat belt over the next couple of days.”

Live cattle are up 43¢. Lean hogs are down 43¢. Feeder cattle are up $1.73.

Crude oil is up 88¢.

S&P 500 futures are up 4 points. Dow futures are down 13 points.

Outside of the U.S., milling wheat is up on the European MATIF trade. Corn and No. 1 soybeans are down on the Chinese Dalian trade while No. 2 soybeans are up.

Reuters is reporting Argentina will roll out the “soy dollar” program tomorrow. The program offers a higher exchange rate for soybean exports.

Tags: corn, soybeans, wheat, live cattle, feeder cattle, lean hogs