Grain futures down to start day. Thursday, April 27, 2023
Grain futures continue to slide lower this morning. May corn is down 7¢, July corn is down 13¢, and December is down 9¢. The selling pressure today is being driven by another cancellation of old crop corn to China. Today’s cancellation of 233,000 metric tons brings the total corn cancellations up to more than 24 million bushels.
Soybean prices are quietly lower this morning. Many traders are nervous that we will see soybean cancellations similar to what has happened in corn the last few weeks. With Brazilian soybean prices considerably lower than US prices, it surely could happen.
Wheat futures were hit with further bearish news yesterday when Stats Can reported that this years spring wheat acreage in Canada is expected to be the largest since 2001. All three classes of wheat are down 10¢ to 15¢.
Livestock futures are quietly mixed to start the day. Feeder cattle are steady, live cattle are down 20¢, and lean hogs are up 50¢.
The outside markets are mostly higher to start the day. The U.S. dollar is up 0.20¢, crude oil is up 84¢, and the S&P 500 futures are up 0.8%.
Read also
Palm oil prices are expected to continue rising after a short-term correction
Georgia reduced wheat imports in April
Brazilian soyabean oil exports jump 47% amid record crop and weak domestic demand
Zimbabwe plans new grain import levies to strengthen food security
Global vegetable oil production to hit record high again – USDA
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon