Soybeans again lead the overnight Strength.

Grain markets are mixed this morning, with soybeans maintaining strength seen earlier this week and corn rebounding after several days of losses. Meanwhile, Kansas City and Minneapolis wheat contracts are softer, reflecting beneficial rains in Kansas and anticipated moisture in the drought-affected Northern Plains, especially North Dakota, which has received less than half its usual winter and spring precipitation.

Export data reveals continued interest from nontraditional buyers for U.S. soybeans, as Chinese soybeans remain significantly higher-priced compared to U.S. Gulf offerings. China's aggressive purchasing of Brazilian soybeans has indirectly pushed other buyers towards the U.S. market. Soybean oil prices, buoyed by China's reduction in used cooking oil exports, are nearing multi-year highs, with only slight gains needed to surpass previous records.

Reuters reports that Russia escalated its military activities against Ukraine overnight, with ceasefire negotiations continuing to face significant hurdles. Additionally, Reuters notes criticism from the Trump administration directed at President Zelensky regarding his persistent calls for the return of Crimea, annexed by Russia in 2014 following a contentious referendum.

Stocks surged yesterday and remain steady today following a modestly better-than-expected durable goods report. President Trump recently met with leaders from major retailers such as Walmart, Home Depot, and Target, discussing potential tariff reductions on Chinese goods to prevent possible inventory shortages.

Current rains in Kansas offer relief and are expected to persist through the weekend. Anticipated rainfall in the Northern Plains starting Sunday could provide the region's first significant moisture since last summer. Recent weakness in wheat prices likely reflects these expected weather improvements. However, dry conditions in Ukraine, southern Russia, and worsening drought in northern China, where no significant rain is forecasted for the next two weeks, could add market concerns. Temperatures in northern China are also predicted to remain above average into early May.

Cattle futures closed higher yesterday, marking the eighth positive finish out of the past ten sessions since the market bottomed on April 9, setting another contract high. Feeder cattle prices also rose but stalled near trendline resistance levels from recent months. The Feeder Index showed a slight increase of $0.19, settling at $288.97, slightly above the May futures price.

Boxed beef markets presented a mixed picture yesterday, with choice increasing slightly by $0.24 to $333.97, whereas select dropped significantly by $3.13 to $304.52. The prolonged decline in boxed beef prices since their recent peaks has raised concerns, especially with packer margins under pressure. Packers might reduce slaughter rates in efforts to stabilize beef prices, which have struggled to surpass the $340 level for choice cuts. Market optimism should be moderated as current beef pricing trends indicate consumer resistance at existing price points.