Corn starts day up 5¢. Monday, April 3, 2023

Corn is currently up 5¢. Soybeans are up 12¢.

CBOT wheat is up 16¢. KC wheat is up 23¢. Minneapolis wheat is up 14¢.

Live cattle are up 5¢. Lean hogs are up 25¢. Feeder cattle are down 85¢.

USDA announced new exports this morning. Mexico is buying 150,000 metric tons of corn for delivery during the 2023/2024 marketing year while 20,000 metric tons of soybean oil were purchased by unknown destinations for the 2022/2023 marketing year.

Crude oil is currently up nearly $5.

“The big news this weekend was the surprise announcement by OPEC that they would make a voluntary 1-million-barrel-per-day cut in oil production,” says Al Kluis, managing director of Kluis Commodity Advisors. “This has crude oil futures trading up about $4 per barrel and is viewed as positive (initially) for the commodity complex. The combination of higher interest rates and now higher fuel cost will be bad news for consumers.”

Kluis says the Minneapolis, Minnesota area received another four inches of snow this weekend, bringing the season’s total up to 89 inches.

“The USDA corn acreage projection of 92 million acres will be the largest number we will see for the 2023 crop,” he says. “If the current cold weather pattern holds into late April (as forecast), then corn acres may end up below 90 million acres.”

S&P 500 futures are currently up 9 points. Dow futures are up 293 points.

Tags: corn, soybeans, wheat, live cattle, feeder cattle, lean hogs