DTN’s Grain Quick Takes

OMAHA (DTN) — May corn is up 8 cents per bushel, May soybeans are up 10 3/4 cents, July KC wheat is up 4 3/4 cents, May Chicago wheat is up 4 1/2 cents and MIAX July Minneapolis wheat is up 2 1/4 cents. The Dow Jones Industrial Average is down 142.00 points. The U.S. Dollar Index is down 0.020 and May crude oil is up $0.80 per barrel. June gold is down $33.10 per ounce. Heading into the Wednesday close, all of the grain and soy markets are trading higher with corn, soybeans and especially bean oil extending gains. The March NOPA report had March crush at just 226.1 mb — below the 230 mb expected, but bean oil stocks fell by 41 million pounds and were expected to be sharply higher. Funds have added to corn, soy and bean oil longs today. A drier pattern is evolving in Brazil’s safrinha corn areas of Goias and Parana, which is leading to corn strength. 

Posted 10:32 — May corn is up 7 cents per bushel, May soybeans are up 10 cents, July KC wheat is down 3 cents, May Chicago wheat is down 1 1/2 cents and MIAX July Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is down 188.33 points. The U.S. Dollar Index is down 0.060 and May crude oil is up $1.37 per barrel. June gold is down $33.10 per ounce. At midmorning, corn, soybeans and soy products are all still higher while all three wheat markets are lower. A better chance for some much-needed precipitation in dry HRW areas of the Plains is in the forecast for next week. Markets will continue to react to any war news as the U.S. and Iran are reportedly set to start a second round in peace negotiations.

Posted 08:40 — May corn is up 5 1/4 cents and May soybeans are up 6 3/4 cents. May KC wheat is down 2 cents, May Chicago wheat is down 1 3/4 cents, and May MIAX Minneapolis wheat is up 1/4 cents. May crude oil is down $0.13 and Dow Jones futures are up 57 points. The U.S. Dollar Index is up 0.03 and June gold is down $10.10. Row-crop futures are mostly firm to begin Wednesday’s day session; the exception is wheat, which is lower on profit-taking after a strong two-day surge and also added precipitation chances for Central and Southern Plains regions in dire need of moisture. After a dismal March, it has been remarkable to see the S&P 500 surge back to within striking distance of record highs through April. Markets are trading optimism that negotiations will resume between the U.S. and Iran this week, though little is confirmed. The U.S. has reportedly fully implemented a blockade of the Strait of Hormuz, while oil prices slid early Wednesday to their lowest point in three weeks..