Soybeans up 3¢. Monday, April 1, 2024

May corn is down 5¾¢ this morning.

May soybeans are up 3¢.

CBOT wheat is down 9¼¢. KC wheat is down 19¼¢. Minneapolis wheat is down 10¾¢.

The Commstock Report says the market is still digesting USDA’s Prospective Plantings and Grain Stocks reports released last week.

“Lost in the fuss over individual crop acreage was the fact that total acreage among all principal crops is down a whopping 6.3 million acres from last year, confirmation that no crops are promising much profit potential for this year and marginal land just won’t be planted to anything or possibly enter CRP,” says the report.

Al Kluis, managing director of Kluis Commodity Advisors, says weather during planting season also has a role to play.

“The USDA projection for [nearly] 4 million acres less corn, soybean, and wheat acres than last year is off by at least 2 million acres if we have normal or ideal spring planting weather conditions,” he says. “I am watching the extended weather forecasts, which suggest warm wet weather for two weeks and then drier conditions. That would be nearly ideal for getting the corn and soybean crops off to a good start.”

Live cattle are down $1.00 this morning. Feeder cattle are down 58¢. Lean hogs are up 93¢.

Crude oil is up 10¢.

S&P 500 futures are up 3 points. Dow futures are down 193 points.

Outside of the U.S., milling wheat is up on the MATIF exchange. Corn and No. 1 soybeans are up on the Dalian exchange while No. 2 soybeans are flat.

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