Corn down 6¢; soy and wheat also in the red. Tuesday, April 18, 2023
This morning corn is down 6¢ while soybeans are down a penny.
CBOT wheat is down 2¢. KC wheat is down 7¢. Minneapolis wheat is down 3¢.
Al Kluis, managing director for Kluis Commodity Advisors, says he is keeping an eye on the weather right now.
“I am watching cold, wet conditions continue in western Minnesota and North and South Dakota with more snow now in the forecast for late this week,” he says. “I am also watching the dry weather pattern in the southern Plains. Between those two major crop areas, about 30% of the central U.S. is facing some weather challenge.”
Yesterday’s USDA Crop Progress report showed corn planting progress at 8%. Kluis says while that is ahead of last year it is not as far along as expected, and given the weather challenges “the pace may stay slow.”
Live cattle are down 43¢. Lean hogs are down 73¢. Feeder cattle are down 5¢.
Crude oil is down 37¢.
S&P 500 futures are up 15 points. Dow futures are down 55 points.
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