Near record corn prices in China along with strong soybean prices are helping add some support to higher grain prices this morning after a choppy overnight session. Vegetable oil prices too across the world remain very strong as supplies are very tight.
May corn futures are 7 cents higher. May soybean futures are 19 cents higher.
Reports of frost in Argentina are adding support to the soybean market. Talks of reduced yields in an area already reeling from lower crop production due to drought conditions is not what we want to see these days.
May Chicago wheat is 15 cents higher. May Kansas City wheat futures are 12 cents higher, and May Minneapolis wheat futures are 13 cents higher.
Livestock prices are mixed this morning. Live cattle are 7 cents lower. Feeder cattle are 12 cents higher, and lean hog futures are 30 cents lower. Meat prices are quiet this morning. Fundamentals still look very friendly. However, the recent surge of new COVID cases across the world has traders expecting slower demand.
Crude oil is up 10 cents this morning and the Stock market is down 10 points to start off Friday’s trade.
The USDA will release its monthly Crop Production and Supply and Demand report at 11 a.m. CT.
Join us for a free webinar on Wednesday, April 13, at 2 p.m. CT. We will look at spring and summer weather forecasts for the 2022 growing season. Visit kluiscommodities.com to register.
About the Author: Cory Bratland is a chief grain strategist with Kluis Commodity Advisors.