U.S. grain prices end the day higher. Monday, April 4, 2022

May corn was up 15½¢ with December corn up 11¢. May soybean futures were 19½¢ higher with November beans up 33¢. May Chicago wheat closed up 25¾¢, May Kansas City wheat closed up 24¾¢, and May Minneapolis wheat closed up 19¾¢.

Livestock prices closed the day lower. Live cattle futures finished the day 92¢ lower on the June contract, May feeder cattle closed down $3.65, and June lean hog futures closed the day $4.30 lower.

Crude oil is up $4.21, and the Dow futures are 80 points higher.

Russia doesn’t seem to be in any hurry to be leaving Ukraine and the war looks to drag on a lot longer than all of us would like. This is friendly to U.S. grain prices: As the Black Sea region is shut off from the rest of the world, other countries will look to buy grain from other countries.

The USDA Crop Progress Reports will be released at 3 p.m. CT today. This is the first report of the growing season, and we will get an update each Monday going forward throughout the summer.

Weather in the U.S. looks to bring some decent moisture to the central and eastern Corn Belt this week. These are forecasts of another system next week that could bring some much-needed moisture to the Dakotas, Minnesota, and Iowa. Temperatures look to be below normal the next two weeks. This will keep early planting in the U.S. at a minimum for now.

At midday, May corn futures up 12¢ to 33¢ with December corn futures up 9¢ to 10¢. May soybean futures are 19¢ to 20¢ higher with November futures up 25¢ to 26¢. May Chicago wheat is 19¢ to 20¢ higher, May Kansas City wheat is 19¢ to 20¢ higher, and May Minneapolis is 15¢ higher.

Livestock prices are lower with live cattle down 82¢, feeder cattle are $2 lower, and lean hogs down $2.90 per hundred.

Crude oil is up $3.46 this morning, and the Dow futures are 20 points lower.

U.S. grain prices continue to stay firm this morning. Tensions in Russia and Ukraine seem to be getting worse rather than better. Talks of the Black Sea region being shut down indefinitely is supportive to grain prices. China also stepped in and bought a big chunk of old-crop corn and new-crop corn to help support prices as well.

Livestock prices are disappointing this morning. What looked like a bottom forming in beef and pork is not happening. Over the past several weeks we seem to get these three- to four-day corrections, and that seems to be what is taking place today. Fundamentals are still looking good.

Watch where we close today. We did get December 2022 corn futures to trade above $7.00 this morning.

May corn futures are 16¢ higher, May soybean futures are 21¢ higher. May Chicago wheat is 24¢ higher. May Kansas City wheat futures are 25¢ higher, and May Minneapolis wheat futures are 18¢ higher.

Livestock prices are lower this morning. Live cattle are 20¢ to 30¢ lower, feeder cattle are 60¢ to 90¢ lower, and lean hog futures are $1.00 to $1.30 lower.

Crude oil is up $3.76 this morning and the stock market is down 120 points to start off Monday’s trade.

The Russian war in Ukraine continues on. Reports out of Ukraine Sunday were that Russia bombed Odessa. If true, this is a significant blow to the Black Sea region and will cut them off indefinitely.

China stepped in and bought over 1 million metric ton of corn from the United States. The sale was announced here this morning and consists of 676,000 metric ton for old crop and 408,000 metric ton for new crop.

Livestock markets endured some pressure late last week. Fundamentals continue to look very friendly for both beef and pork and we can see that with the deferred contracts holding up a lot better. The front months were lower as we saw some fund selling as we hit month end and quarter end. Don’t be surprised if we don’t see that money come back into the livestock markets this week.

Weather in South America looks real good. The next seven days look to bring good rains for Argentina. In North America we will see an active weather pattern this week into next week. Good rains from the Delta this week. Also we will see a big system to bring some rain/snow for the Upper Midwest and some cooler temps. Next week there does look like yet another system that could bring some much needed rains to the Dakotas, Minnesota, and Iowa.

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