Grain prices end the day higher. Monday, April 18, 2022

May corn was up 23 cents with December corn up 14 ½ cents. May soybean futures were 32 ½ cents higher with November beans up 19 ½ cents. May Chicago wheat closed up 24 cents. May Kansas City wheat closed up 31 cents, and May Minneapolis wheat closed up 33 ½ cents.

Livestock prices closed the day mixed. Live cattle futures finished the day down 62 cents on the June contract, May feeder cattle closed down $2.42 and June lean hog futures closed the day $3.92 higher.

Crude oil is up 70 cents and the Dow futures were 38 points lower.

Risk premium is getting added back into the grain prices. Cool and wet weather forecasts will get the US corn planting off to a slower than expected start. Lots of snow across North Dakota has many traders wondering how many acres of spring wheat will get seeded. The southern wheat plains look to remain mostly dry this week.

Nearby corn futures closed above $8 futures for the first time since summer of 2012. Also nearby soybean futures closed the day back above $17.00 futures. We will see how long we can keep prices above these levels as history suggest we don’t stay up at these prices very long.

Weekly export inspections out this morning were good for wheat and soybeans but at the bottom end of expectations for corn. Corn exports still managed to be above the pace needed to achieve the USDA goal of 2.500 billion bushels of exports this year.

Lean hog futures saw a nice surge in prices today. Strong demand and cheap pork prices compared to poultry and beef helped ad support.

The weekly Crop Progress report showed 4% of the U.S. corn is planted. Only 1% of the U.S. soybeans are planted, and 8% of the U.S. spring wheat is seeded. Also, 30% of the Nation’s winter wheat is rated Good/Excellent. We are off to a slow start ,and with the weather forecast looking cold and wet, grain prices will likely stay supported.

May corn futures up 19¢ with December corn futures up 11¢ to 12¢. May soybean futures are 23¢ higher with November futures up 13¢. May Chicago wheat is 25¢ higher. May Kansas City wheat is 33¢ to 34¢ higher, and May Minneapolis is 37¢ higher.

Livestock prices are mixed with live cattle up 47¢, feeder cattle $1.42 lower, and lean hogs up $2.34 per hundred.

Crude oil is up 80¢ this morning and the Dow futures are 68 points lower.

It is all about the weather today. Colder temperatures for much of the U.S. through the end of April are allowing traders to add more risk premium back into the markets. Dryer weather forecasts for South America has some traders wondering if their corn crop could be dropped a little more in the upcoming USDA reports.

Packers are back profitable and with Easter behind us, many are expecting an increase in demand. Talk is pork prices in China seem to be bottoming, and this could be a sign of more demand to surface for U.S. pork. COVID is still sweeping through China, but the worst seems to be behind them.

Russia seems to be becoming more offensive in Ukraine, and the war looks to carry on into the summer. Ukraine has vowed it will not surrender. As the war continues, there seems to be growing concern of just how many acres will get planted to crops.

The Crop Progress report will be released at 3 p.m. CT today. Corn planting will likely be 5% to 7% planted and soybeans in the 1% to 2% planted area. Cool temperatures and a wet forecast should keep plantings this week on the low side once again.

May corn futures are 13¢ higher, May soybean futures are 20¢ higher, May Chicago wheat is 24¢ higher. May Kansas City wheat futures are 24¢ higher, and May Minneapolis wheat futures are 27¢ higher.

Livestock prices are mixed this morning. Live cattle are 40¢ higher. Feeder cattle are $1.35 lower and lean hog futures are 97¢ higher.

Crude oil is up 90¢ this morning, and the stock market is up 98 points to start Monday’s trade.

As we start this full week of trading, US. grain prices are pushing higher. Led by the weather, cool temperatures across much of the Corn Belt and wet conditions in the Delta will have traders questioning how many acres of corn will get planted this growing season. It is still early, but forecasts still look to bring cool temperatures to much of the U.S. and wet conditions in the Delta and eastern Corn Belt.

Last Friday, we saw some big export sales announced for soybeans to China and unknown destinations. Demand for U.S. grain continues to stay very strong. A total of 838,000 metric tons of old-crop and new-crop soybeans sold from the U.S. will help add support.

Meat demand looks to pick up now that we’re past the Easter holiday. Pork prices seem rather cheap when compared with the other meat prices. Still hearing reports of contraction of pork breeding stock in Europe and China. If pork and beef export demand surface, we should see prices head higher.

Soybean oil is surging higher this morning. Friday’s NOPA crush report showed a record-large crush all while seeing soybean oil stocks decline. Yet, there is a growing concern for the supply of vegetable oils not only here in the U.S. but also across the world.

Keep a close eye on the extended weather forecast.

Successful Farming

Tags: wheat, lean hog, futures, live cattle, livestock prices, feeder cattle, corn, soybean futures