Grain prices finish the day higher. Friday, April 8, 2022

U.S. grain prices ended the trade on Friday higher. May corn was up 11¢ with December corn up 7¢. May soybean futures were 43½¢ higher with November beans up 29¼¢. May Chicago wheat closed up 31½¢, May Kansas City wheat closed up 36¢, and May Minneapolis wheat closed up 27¾¢.

Livestock prices closed the day mixed. Live cattle futures finished the day down 27¢ on the June contract, May feeder cattle closed down 10¢, and June lean hog futures closed the day 42¢ higher.

Crude oil is up $1.93 and the Dow futures were 137 points higher.

USDA released its April Crop Production and Supply and Demand report today. Overall, we didn’t see too many major changes. They left corn carryout in the United States unchanged at 1.44 billion bushels, soybean carryout was dropped to 260 million bushels, and the wheat carryout in the U.S. was increased to 678 million bushels. All in all, it could be viewed as neutral to beans and slightly negative to corn and wheat.

Soybean crops in Brazil and Argentina were also lowered and with some recent frost damage to the Argentine crop, we could see some further reductions, which provided most of the support to the markets today.

The weekly crop progress report will be released at 3 p.m. CT, Monday, April 11, 2022.

Join us for a free webinar on Wednesday, April 13, at 2 p.m. CT. We will look at spring and summer weather forecasts for the 2022 growing season. Visit kluiscommodities.com to register.

The bull spreads are back working today for corn, soybeans, and wheat. Soybeans are getting the biggest jump as talks of frost in Argentina could now cut its already reduced soybean production this year.

May corn futures are up 11¢ with December corn futures up 4¢ to 5¢. May soybean futures are 33¢ higher with November futures up 19¢ to 20¢. May Chicago wheat is 29¢ higher. May Kansas City wheat is 23¢ higher, and May Minneapolis is 24¢ higher.

Livestock prices are higher with live cattle up 60¢. Feeder cattle are 55¢ higher, and lean hogs up 22¢ per hundred. Livestock markets are finding a little support at the end of the week. For now, selling due to the spread of COVID across the world seems to be over.

Crude oil is up 80¢ this morning and the Dow futures are 225 points higher.

Traders will focus their attention on the USDA Crop report that will be out at 11 CT. Trade is looking for a little less carryout stock in corn and soybean.

Join us for a free webinar on Wednesday, April 13, at 2 p.m. CT. We will look at spring and summer weather forecasts for the 2022 growing season. Visit kluiscommodities.com to register.

Near record corn prices in China along with strong soybean prices are helping add some support to higher grain prices this morning after a choppy overnight session. Vegetable oil prices too across the world remain very strong as supplies are very tight.

May corn futures are 7¢ higher. May soybean futures are 19¢ higher.

Reports of frost in Argentina are adding support to the soybean market. Talks of reduced yields in an area already reeling from lower crop production due to drought conditions is not what we want to see these days.

May Chicago wheat is 15¢ higher. May Kansas City wheat futures are 12¢ higher, and May Minneapolis wheat futures are 13¢ higher.

Livestock prices are mixed this morning. Live cattle are 7¢ lower. Feeder cattle are 12¢ higher, and lean hog futures are 30¢ lower. Meat prices are quiet this morning. Fundamentals still look very friendly. However, the recent surge of new COVID cases across the world has traders expecting slower demand.

Crude oil is up 10¢ this morning and the stock market is down 10 points to start off Friday’s trade.

The USDA will release its monthly Crop Production and Supply and Demand report at 11 a.m. CT.

Join us for a free webinar on Wednesday, April 13, at 2 p.m. CT. We will look at spring and summer weather forecasts for the 2022 growing season. Visit kluiscommodities.com to register.

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