May corn futures are 2¢ lower this morning. May soybean futures are 12¢ higher. May Chicago wheat is 6¢ lower. May Kansas City wheat futures are 5¢ lower, and May Minneapolis wheat futures are 1¢ lower.
Livestock prices are mixed this morning. Live cattle are 32¢ higher, feeder cattle are 45¢ higher, and lean hog futures are 35¢ lower.
Crude oil is up $1.25 this morning and the stock market is down 173 points to start off Thursday’s trade.
Weekly export sales released this morning were all within trade expectations. Corn saw net sales of 927,600 metric tons of both old crop and new crop combined. Soybeans saw combined old crop and new crop sales of 1,099,300 metric tons, and wheat saw a combined 379,300 metric tons of old-crop and new-crop sales this week. Demand still stays strong for U.S. grains.
Both beef and pork saw an uptick in export sales this week compared with last week. This is encouraging considering the negativity we have been talking about with COVID spreading across China and Japan.
Energy markets are bouncing back today after a decent sell-off yesterday. Other allies announced they are looking to release up to 60 million barrels of crude oil from their reserves to help curtail the higher energy prices.
The WASDE report will be released at 11 a.m. CT tomorrow.
Joins 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.