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.
Read also
Brazilian farmers are not interested in increasing soybean acreage
Kernel abandons its own fleet
Wheat stocks in Canada are 12% higher and rapeseed stocks are 27.4% higher than la...
USDA forecasts sharp decline in wheat and barley production in Kazakhstan
Ukraine complained to Israeli police about buyers of stolen grain
Got additional questions?
We will be happy to assist!
Write to us
Our manager will contact you soon