Grains in the red this morning. Monday, April 15, 2024

May corn is down 3½¢.

May soybeans are down 9¾¢.

CBOT wheat is down 7½¢. KC wheat is down 3¾¢. Minneapolis wheat is down 2¾¢.

“The corn stunt disease problem in Argentina will reduce the total corn crop in Argentina by as much as 20%,” says Al Kluis, managing director of Kluis Commodity Advisors. “… That corn crop reduction, plus the drop in Brazilian corn production, is creating a major long-term shift in the global production and ending stocks for corn.”

This morning USDA announced Mexico is buying 165,000 metric tons of corn — 135,000 for the 2023/2024 marketing year and 30,000 for the 2024/2025 marketing year.

“I am watching the energy markets continue higher,” says Kluis. “If nearby crude oil futures can close this week over $88 per barrel, then the next target is the September 2023 high ($95). The rally in the crude oil market should be positive for ethanol and corn prices.”

This morning crude oil is down 86¢.

Live cattle are up $2.60. Feeder cattle are up $2.85. Lean hogs are up 73¢.

The U.S. Dollar Index is up to 105.87.

S&P 500 futures are up 43 points. Dow futures are up 358 points.

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