Grain prices end the day higher. Tuesday, April 5, 2022

May corn was up 9¼¢, with December corn up 7½¢. May soybean futures were 28¾¢ higher with November beans up 16¢. May Chicago wheat closed up 35¢, May Kansas City wheat closed up 45¢, and May Minneapolis wheat closed up 26¾ cents.

Livestock prices closed the day lower. Live cattle futures finished the day down $1.60 on the June contract. May feeder cattle closed down $3.47, and June lean hog futures closed the day $1.80 lower.

Meat prices came under pressure yet again today. Demand seems to be slowing as COVID hits Japan and China hard again. Fundamentals still look friendly, but until we get demand to bounce back, meat prices should find some more pressure.

Crude oil is down $2.85, and the Dow futures were 280 points lower.

Wheat ended the day very strong with poor weekly crop ratings.

The entire Black Sea region will be shut down indefinitely. This should push more demand for corn and wheat to the United States. Europe will more than likely have to start to accept GMO traits and import some corn from the U.S.

Weather looks to bring some moisture to much of the United States. This will limit the amount of crop planted this week, but it is still early in the planting season.

At midday, May corn futures are up 8¢ to 9¢, with December corn futures up 8¢ to 10¢. May soybean futures are 23¢ to 24¢ higher, with November futures up 15¢ to 16¢. May Chicago wheat is 36¢ higher. May Kansas City wheat is 42¢ higher, and May Minneapolis wheat is 26¢ higher.

Livestock prices are lower with live cattle down $1.12. Feeder cattle are $2.62 lower, which is mainly due to higher corn prices. Lean hogs are down 17¢ per hundred and seem to be consolidating after five days of lower trade. Pork supplies are tight, but with COVID hitting China and Japan, demand seems to be slowing.

Crude oil is down 48¢ this morning, and the Dow futures are 20 points lower.

The lowest wheat ratings in 26 years have wheat futures off and running. We should see some moisture for the southern wheat Plains the next two weeks, which will help, but a lot more is needed.

Bull spreads are working well today. Look for a strong close in grain prices today.

May corn futures are 16¢ higher. May soybean futures are 29¢ higher. May Chicago wheat is 62¢ higher. May Kansas City wheat futures are 60¢ higher, and May Minneapolis wheat futures are 29¢ higher.

December corn futures are above $7. Will they close higher?

Livestock markets are mixed this morning. Live cattle are 10¢ to 20¢ lower, and feeder cattle are $1.65 lower. Lean hog futures are $0.50 to $1.00 higher. Lean hogs are feeling some pressure as COVID seems to be rearing its head again across the world and cutting demand. Hog and cattle numbers are dropping, so look for prices to stabilize shortly.

Crude oil is up $3.76 this morning, and the stock market is down 120 points to start off Tuesday’s trade.

Winter wheat crop conditions are very poor. Rated 30% good/excellent vs. 53% last year, it is not a good start to the growing season. The southern wheat Plains will get some moisture over the next two weeks, but we will need much more to make a crop.

As the war in Ukraine rages on, Putin shows no sign of leaving. Ukraine and the Black Sea region will be shut off from the world indefinitely. This will create more demand for U.S. grains.

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