Nearly all grains finished modestly higher Tuesday with the largest percentage gain in May oats, up 9 3/4 cents. Livestock and lumber prices were also higher Tuesday, but nearly all other commodities were trading lower with sharp losses in the energy sector.
Soybean oil recovered from early weakness and drug soybeans higher as well. Corn wass little changed in slow trade, but wheat remains under pressure on improving conditions despite talk circulating that wheat is moving into southwest feedlots in quantity for the spring-summer. The basis remains stout on corn and beans in the interior, as farmers are selling little. Expect the recent choppy trade to continue into next week’s USDA stocks and seeding report. A bit of a bearish surprise for the corn and ethanol market as ethanol production the week of March 19, expected to be higher, instead fell by a hefty 49,000 barrels per day (bpd) to 922,000 bpd. That is still down over 8% from a year ago. Ethanol inventory rose 2.2% to 21.8 million barrels.
Other than the deferred lean hog contacts, the livestock complex traded higher and continues to build off the momentum gained earlier in the week. Bids of $182 dressed surfaced in Nebraska with sales of $115 reported in the south on Wednesday.
Farm and Ranch Director Jesse Allen has the latest: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406