Wheat making gains this morning. Wednesday, April 10, 2024

May corn is up 2¼¢ this morning.

May soybeans are down 7¢.

For the second day in a row, USDA announced a soybean export sale. Unknown destinations are buying 254,000 metric tons of soybeans for the 2024/2025 marketing year.

CBOT wheat is up 3½¢. KC wheat is up 11¢. Minneapolis wheat is up 6½¢.

“Wheat is leading gains this morning but the rest of the grain complex doesn’t seem willing to follow its lead, and any grain ‘rallies’ don’t look like enthusiastic ones amid a bearish fundamental overall environment,” said Matt Zeller, senior market intelligence analyst for StoneX, prior to the 8:30 a.m. CDT market open.

“The southern Plains are seeing beneficial rains through mid-week with corn planting officially kicking off in a dry heart of the corn belt as well. The grain trade is mostly in wait for Conab and USDA data tomorrow morning, and also mostly ignored as the larger marketplace processes today’s inflation readings.”

Tomorrow USDA is expected to release the April World Agricultural Supply and Demand Estimates (WASDE) report at 11 a.m. CDT.

“The trade is expecting to see the USDA cut ending stocks for corn in the report tomorrow, while soybeans and wheat are expected to be very close to what was posted last month,” says Bob Linneman, commodities broker with Kluis Commodity Advisors. “[Brazil soybean production] could be cut closer to what the trade has been thinking for the past few months. The USDA posted a number of 155 million metric tons last month, while the trade is closer to 151.7 million metric tons.”

Live cattle are down 30¢ this morning. Feeder cattle are down 73¢. Lean hogs are unchanged.

Crude oil is up 8¢.

S&P 500 futures are down 56 points. Dow futures are down 472 points.

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