Soybeans start day up a penny. Wednesday, April 26, 2023

Corn is down 2¢ this morning while soybeans are up a penny.

CBOT wheat is up 2¢. KC wheat is down 3¢. Minneapolis wheat is down 8¢.

Arlan Suderman, chief commodities economist for StoneX, says portions of the southwestern Plains saw the biggest rain event since last July in the past 24 hours.

“The rain was welcomed, although it came too late for many wheat fields in the area that had already failed,” he says. “If anything, the rains may do more to encourage the planting of spring crops in the days ahead. More rains are falling in the region today. The region dries out again following this event, although the longer-term forecast models continue to hold out hope that we will see more chances for rain later in the spring into the summer.

“Meanwhile, the markets are now waiting for a response from Russia after the United Nations sent a proposal for extending the Ukraine grain initiative to President Putin through diplomatic channels. For now, the overnight bounce appears to be just that – a bounce.”

Live cattle are down 25¢. Lean hogs are down 60¢. Feeder cattle are down 58¢.

Crude oil is down 94¢.

S&P 500 futures are up 5 points. Dow futures are up 29 points.

Tags: сorn, live cattle, feeder cattle, lean hogs, soybeans, wheat, futures