Grain prices mixed at close. Monday, April 11, 2022

Wheat was sharply higher as the war in Ukraine rages on, while corn was mostly lower, and soybeans fell under pressure. The U.S. weather is viewed as positive for corn prices while the COVID-19 economic slowdown is negative for soybean prices.

A large 1 million metric ton corn sale was announced to China today.

It stays volatile with May corn having a 16¢ trading range closing down 4¢. May soybeans had a 46¢ trading range closing 27¢ lower. Wheat futures closed 14¢ to 31¢ higher.

In the outside markets, crude oil is down $4.00 per barrel. The U.S. stock market is lower. Livestock futures closed higher after trading lower early in the day.

Corn has had a trading range of 13¢ and is still higher on the day but well off the early highs. Weather and potential planting delays are an increasing concern, but the hard drop in soybeans is putting pressure on the corn market.

Soybean prices have moved sharply lower on concern that the COVID-19 shutdown in China will result in slower economic growth, and lower soybean demand.

Wheat is again the leader with prices moving higher as trade concern is increasing about how much wheat will be produced in Ukraine this year.

Currently, corn prices are 2¢ to 3¢ higher. Soybeans are down 27¢, and wheat futures are 11¢ to 32¢ higher.

It’s the third time May corn has traded up and tested resistance at $7.80 and then moved lower. To keep prices moving higher, May corn needs to get up and close over $7.80.

May soybeans are in a broad trading range with support at $15.80 and resistance at $17.00. On the early rally today, May soybeans did test resistance at $17.00 and turned lower. I expect that trading range to continue. The key to watch in wheat is whether prices can make new contract highs on this rally.

Livestock futures are mixed at this hour with June cattle and hog futures higher 30¢ to 60¢, with May Feeder cattle down $1.30.

This afternoon we will provide our analysis of the USDA Crop Conditions report.

The war in Ukraine continues, and corn and wheat prices are higher again, while the soybean market is lower. Short-term weather forecasts have turned wetter, with cold wet conditions likely to hit the central U.S. starting on Tuesday.

Some areas of North Dakota and northern Minnesota could get 12 to 20 inches of snow. This is followed by another weekend storm. The 16- to 30-day forecast is for less rain but the temperatures stay cool. It is not going to be an early spring.

May Corn trading range of 12¢ with the last trade up 2¢ at $7.10. May CBOT soybeans showing a trading range of 33¢, with futures now down 23¢ at $16.66. Wheat futures are higher with futures up 12¢ to 18¢.

In the outside markets crude oil is down $4.40 per barrel, the U.S. stock market is lower and livestock futures slightly lower.

The stock and commodity markets are closed on Friday.

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Tags: wheat, cattle, futures, hog, corn, животноводство, soybeans