April WASDE crop report out at 11:00 CT a.m. today.

Grain futures are higher this morning, extending yesterday’s gains, as Trump pauses new tariffs for 90 days a move likely to allow for normal grain flows into mid-summer. Active export sales numbers continue to suggest that the USDA may be underestimating total corn supplies. All eyes are on today’s WASDE crop report at 11:00 AM, particularly the carryout numbers.

The EU has rescinded its planned tariff on US goods, keeping non-Chinese markets open. Over the past week, Europe has purchased corn on a known basis, and crushers likely secured full-crop soybeans following the recent rally in Brazilian FOB premiums.

Today’s April WASDE report will reflect on Argentine crop sizes and likely a higher projected US corn export number. This should help offset concerns about lower corn feed/residual disappearance. With tighter carryout supplies, volatility is expected to rise as we head into summer, especially with the ongoing drought in the Plains remaining a concern.

After yesterday’s record-breaking stock market rally, a pullback is underway. The Dow is down 600 points, giving back 20% of yesterday’s massive 3,000-point gain.

Forecasts for the Midwest are drier after April 20, with widespread showers now removed from the outlook. Hints of potentially heavy rainfall impacting Iowa, Missouri, and Illinois around April 23–24 exist, but confidence in forecasts that far out remains low. Abnormally cold temperatures are expected to persist across the Eastern Midwest for another 10 days, with near-freezing overnight lows favoring Wisconsin, northern Illinois, Michigan, Indiana, and parts of the Upper Midwest.

Dryness continues across the Central US over the next 10 days. Heavy rains are still needed to alleviate the drought in Kansas and the Dakotas, but they are not currently in the forecast. Similarly, dryness persists in parts of the Black Sea wheat-producing region, and concern is growing for Safrinha corn, with one-third of Brazil’s production now potentially at risk.

After pushing to new liquidation lows yesterday following last week’s sell-off, a sharp reversal occurred into the close on President Trump’s delayed tariff announcements. The strong reversal resulted in outside-day higher movements (a lower low followed by a higher high and higher close compared to the previous day), which is a bullish sign suggesting yesterday’s lows may be significant. However, this does not mean that further pullbacks can't occur.

Light cash trade began Wednesday, with small numbers reported in Kansas at $204, $4 lower on the week. The dressed trade in the north was reported steady on Tuesday but still down $9 for the week at $328. Yesterday’s offers were pulled following the late-day rally on the board, with afternoon offers quoted around $210–$215.

As of midweek, choice cattle slaughter totaled 349,000 head, down 2,000 from last week and 7,000 fewer than a year ago. Meanwhile, boxed beef values showed choice cuts down $0.24 and select down $1.45. Compared to a year ago, choice cutout values are $38 higher, and select cuts are $23 higher.