4-15 Midday: Corn Loses Steam at Midday, Soybeans and Wheat Remain Lower

The CME and Total Farm Marketing Offices will be Closed Friday, April 18, in Observance of Good Friday

 

All prices as of 10:30 am Central Time

• Corn futures are losing steam at midday, pressured by chances of rainfall over the next 5 days, which could bring heavy rains in the Southern corn growing areas and disrupt barge operations.
• Yesterday’s Crop Progress report showed corn plantings in the U.S. stand at just 4%, which is 2% behind last year’s pace.
• It’s been reported that Japan is expected to start negotiations with U.S. trade officials this week regarding the ongoing tariff situation.

• Weakness in soybean meal is keeping soybean prices lower at midday. Expected heavy rains across the Southern U.S. this week is also keeping pressure on futures today.
• Monday’s Crop Progress report showed soybean plantings at 2% complete, which is in line with the 5-year average but is just below last year’s pace.
• Brazil could be looking to raise their mandatory biodiesel blend to 15%, up from 14% as world veg oil prices are declining. This would lead to increased domestic usage in South America.

• Wheat remains weaker at midday, pressured by beneficial rainfalls in the key growing parts of the U.S.
• Yesterday’s Crop Progress report showed spring wheat plantings at 7% compared, up 1% from this time last year and in line with the 5-year average. Winter wheat ratings fell 1% from last week to 47% good-to-excellent.
• Pakistan forecasts lower wheat production amid dry weather conditions. Total output is seen at 28.6 mmt compared to 31.8 mmt last year.
• The dollar has fallen to its lowest level since April of 2022, which could offer some support to wheat prices, as other countries’ currencies become stronger. However, the ongoing tariff situation continues to be the main driving force affecting prices.

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