Grains in the red this morning. Tuesday, April 9, 2024

May corn is down a penny this morning.

May soybeans are down 7¢.

CBOT wheat is down 4¼¢. KC wheat is down 10¾¢. Minneapolis wheat is down 8¼¢.

“Corn, soybean, and wheat futures are trading lower on favorable crop progress and conditions,” said Ryan Kelbrants, commodity broker with CHS Hedging this morning prior to the 8:30 a.m. open. “Sizable South American crops continue to limit gains as soybean harvest continues in Argentina and Brazil.

“Rains are forecast over the Delta this week slowing seeding. Showers are also forecast in the Eastern Midwest this week and the Western Midwest will see drier conditions into the weekend. The 11-15 day [forecast] shows rains in the Northern Plains slowing seeding while benefiting soil moisture. Seeding in the Midwest is expected to increase this week.”

USDA announced a new export sale this morning. Unknown destinations are buying 124,000 metric tons of soybeans for the 2023/2024 marketing year.

Live cattle are up $1.08 this morning. Feeder cattle are up $1.88. Lean hogs are up $1.15.

Crude oil is down 50¢.

S&P 500 futures are up 2 points. Dow futures are down 23 points.

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