USA: Grains are in the red this morning, Monday, April 15, 2024

Maize (Corn)
Published Apr 16, 2024

Tridge summary

The article provides an overview of the current downturn in agricultural commodity prices, with May corn, soybeans, and various wheat types experiencing declines across major markets such as the CBOT, KC, and Minneapolis. It highlights the significant challenges faced by global corn production, including a potential 20% reduction in Argentina's corn crop due to corn stunt disease and a decrease in Brazilian corn output. These developments, alongside Mexico's substantial corn purchase and the influence of rising crude oil prices on ethanol and corn markets, could signal major shifts in global agricultural dynamics. Additionally, the report covers updates on livestock prices, the U.S. Dollar Index, and futures for major stock indices, providing a comprehensive snapshot of the current state of agricultural and financial markets.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

May corn is down 3½¢. May soybeans are down 9¾¢. CBOT wheat is down 7½¢. KC wheat is down 3¾¢. Minneapolis wheat is down 2¾¢. “The corn stunt disease problem in Argentina will reduce the total corn crop in Argentina by as much as 20%,” says Al Kluis, managing director of Kluis Commodity Advisors. “… That corn crop reduction, plus the drop in Brazilian corn production, is creating a major long-term shift in the global production and ending stocks for corn.” This morning USDA announced Mexico is buying 165,000 metric tons of corn — 135,000 for the 2023/2024 marketing year and 30,000 for the 2024/2025 marketing year. “I am watching the energy markets continue higher,” says Kluis. “If nearby crude oil futures can close this week over $88 per barrel, then the next target is the September 2023 high ($95). The rally in the crude oil market should be positive for ethanol and ...
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