May corn futures are 16 cents higher, May soybean futures are 21 cents higher. May Chicago wheat is 24 cents higher. May Kansas City wheat futures are 25 cents higher, and May Minneapolis wheat futures are 18 cents higher.
Livestock prices are lower this morning. Live cattle are 20-30 cents lower, feeder cattle are 60-90 cents 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 US. 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 7 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.
