Dec corn makes another new contract high overnight..
Wheat futures are sharply higher, with corn mixed and soybeans higher in what was a volatile session overnight. Soybeans gained as much as $0.30 in the night session before giving up a large chunk of that into the morning, while wheat futures also pressed last week’s highs and gave up gains of $0.60 before drifting back at one time 100% of those gains and then stabilizing back 35 higher. Volatility is high as all about money flows.
With difficulties in finding a truce to the Russian/Ukraine military conflict, and the European community split on banning Russian oil, even oil futures had a volatile session with the active May contract trading to a high of 113 overnight and then breaking to 107. Some European countries are not on board with complete Russian sanctions of oil. However, oil prices have now stabilized for the May contract in the morning hours to back above 110.
Needed rain and snow fell on the Central Plains, which will aid in the greening process into April. The released HRW wheat conditions ratings late Monday held steady or increased slightly with the new moisture that will further boost wheat ratings, which will be reported next week. There is no blocking jet stream pattern that would prevent any system from passing across Central US over the next few weeks.
Brazil is offering their new winter corn crop for July delivery at $1.00 over Chicago futures, which is $0.50/Bu less than US Gulf offers. Brazilian weather conditions for the corn crop have become favorable, with yield potential high. The forecast holes rains of 1.50-3.00” over the next 10 days for southern Brazil/Paraguay and NE Argentina.
Live and feeder cattle futures were lower yesterday, while cash cattle markets were quiet as typical for early week limited demand. Box beef values were higher on Monday, with choice gaining $0.34 and the select value up a $1.84. Box beef values look to have scored their low last week, about two weeks later than box beef seasonally bottoms. April live cattle have resistance at 143.00, with the summer contracts having resistance at 138.50-140.00.