Last day of trade ahead of 3-Day Easter weekend.
Corn and soybean futures are higher this morning, while wheat futures turned mixed after a firm evening session. Minneapolis new crop September wheat made new contract highs again overnight for the fourth day this week, as the new moisture in the Northern Plains has the already reduced spring wheat acres at risk from the March 31 acreage data, with new crop corn well over $7.00, soybeans over $15.00, and oats well above $6.00.
Wheat futures softened in the morning as forecasts of .25-1.25” of moisture could potentially fall in the 11-15 day forecast over the dry HRW wheat area. This will be a focus when markets resume trading at 7 PM Sunday night after being closed for the three-day Easter weekend, with the CBOT observing Good Friday with a closed session.
As US corn futures are close to challenging $8.00, and exports are likely to soften as Argentine corn is now offered $1.25/Bu below US Gulf for May/June, while Brazilian corn is only offered $0.30/Bu cheaper for June and $0.70 cheaper in July. China has been the main buyer of US corn, with likely another 1 MMT to be announced soon. This current disparity that has occurred in pricing over the last week could keep corn stalled at $8.00 until South American supplies are bought up at the cheaper value.
Snows will continue today across North Dakota with totals in a range of 14-32 inches with strong winds maintaining blizzard conditions. The snows extend east into Minnesota and South Dakota as well. The moisture is greatly welcomed, but planting will be delayed to near the opening of May, as temperatures below 32° remain prevalent through next week Wednesday.
Cattle and feeder cattle futures were higher on Wednesday, with December forward live cattle contracts closing above $100 and 50.00. The cash cattle trade was slow but steady at midweek in the South, with cattle moving at $1 39.00, and dressed trade in the North was quoted at $1 better with tops at $2 31. Cattle slaughter at midweek totaled 375,000 head, 4000 head more than a week ago, and 25,000 head more than last year. Box beef values had choice down $1.11, and select was lower by $1.34.