Grains starting week mixed. Monday, April 8, 2024

May corn is down 1¼¢.

May soybeans are up 3¼¢.

CBOT wheat is up less than a penny. KC wheat is up 7¢. Minneapolis wheat is up 3¾¢.

This Thursday, April 11, USDA is expected to release the April World Agricultural Supply and Demand Estimates (WASDE) report.

“The grain trade is looking for strong usage metrics to force the USDA to cut 2023/2024 corn inventories on Thursday, and that comes after bullish stocks and plantings data in the key March reports,” says Matt Zeller, senior market intelligence analyst with StoneX.

“However, this week brings the official start to 2024 U.S. corn planting along with warm and dry weather for the heart of the corn belt; the trade sees a timely-planted corn crop as the main driver towards strong yields, and for good reason, as increasing genetics minimize the need for consistent summer rains. Farmers here in the heart of the corn belt (Iowa and surroundings) are still nervous over dry soils – also for good reason – but that won’t stop corn from going in the ground in earnest.”

Live cattle are up 88¢ this morning. Feeder cattle are down 3¢. Lean hogs are down 95¢.

Crude oil is down 70¢.

S&P 500 futures are up 2 points. Dow futures are up 56 points.

Outside of the U.S., milling wheat is up on the MATIF exchange. No. 1 soybeans and corn are up on the Dalian exchange while No. 2 soybeans are down.

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