May corn closed down 6 1/2 cents with beneficial precipitation in this week’s forecast and signs of easing demand from China. New-crop corn and soybeans were both higher, while wheat prices were mixed. Soybeans and Chicago wheat, along with new-crop corn and bean futures, were solidly higher. Rumors that Monday’s sale of soft red winter wheat to unknown was likely China and strong rumors that China purchased new crop U.S. corn over the weekend are driving those markets to start the week.
Meantime, cattle futures were strong on Monday with plenty of triple digit gains in futures. It seems that the spring price rally may be starting to take hold as we enter the month of April. Lean hogs fell off towards the end of the session to finish mixed after setting new contract highs. We’ll continue to watch whether or not hogs can continue to push higher or not.
Farm and Ranch Director Jesse Allen has the closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406