May corn futures are 1 to 2 cents higher. May soybean futures are 2 to 3 cents higher. May Chicago wheat is 5 cents higher. May Kansas City wheat futures are 7 cents higher, and May Minneapolis wheat futures are 8 cents higher.
Livestock prices are mixed this morning. Live cattle futures are breaking out to the upside. Live cattle are 20 cents lower, and feeder cattle are $1.02 lower. Strong cash prices and low supplies are giving the cattle some support. Cattle on feed report will be out at 2:00 p.m. CT today.
Lean hog futures are 72 cents higher.
The USDA announced this morning export sales of 1,347,000 metric tons of corn to China spilt between this marketing year and the next marketing year. In addition, Mexico bought 281,000 metric tons of corn and 144,000 metric tons of soybeans from the U.S. All supportive to current grain prices.
Demand continues to be very strong for corn and soybeans even at these near record prices. Add on top of that the higher priced U.S. dollar and this feels more like a food security issue than tight supplies.
Weather over this weekend will be very active with lots of rain projected for Iowa into Illinois and southern Wisconsin. We will get some crop planted in the U.S., but it will likely be very limited. While it’s still early in the planting season, each day that goes by the concern mounts. We need to get an open window to plant in early May to have the best shot at achieving a trend line yield.
Crude oil is down $1.40 this morning, and the stock market is down 208 points to start off Friday’s trade.
About the Author: Cory Bratland is a chief grain strategist with Kluis Commodity Advisors.
