Soybeans up 7¢ at market open. Monday, April 17, 2023

Corn is currently down 2¢. Soybeans are up 7¢.

CBOT wheat is up ³⁄₄ of a penny. KC wheat is down 5¢. Minneapolis wheat is down 4¢.

Nick Tsiolis, founder of Farmer’s Keeper says soybeans are up this morning in response to recent cuts to the Argentinian crop.  

The Brock Report says the outlook for planting in the Midwest will be an important market factor for the next few weeks.

“The forecast is a little less favorable for planting than it was on Friday,” says The Brock Report. “Heavy precipitation over the weekend, in some cases more than expected, fell across much of the Midwest, with the highest totals stretching from eastern Kansas and Nebraska into southwest Iowa and southern Illinois.

“The forecast for the next two weeks calls for two main rounds of precipitation in the Midwest, around which planting will proceed in some areas. However, areas that saw significant snow now need to melt it off, and a colder trend next weekend will help keep soil temperatures chilly. All in all, while the outlook a week ago at this time looked very favorable, right now it looks like a more typical, messy April.”

Live cattle are up 18¢. Lean hogs are up $1.10. Feeder cattle are up 45¢.

Crude oil is down 41¢.

S&P 500 futures are up 3 points. Dow futures are up 55 points.

Milling wheat is up on the European MATIF trade. Corn and No. 1 soybeans are down on the Chinese Dalian exchange while No. 2 soybeans are up.

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