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.
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