Opening Market Update- 4/19/21- Grains Start Higher Amid Drier Weather Forecasts

The strong weather and demand-driven rally continues, as spot corn futures near the high and new-crop December challenges the new contract high set in the overnight. Soybeans are also very firm to begin the new week. Winter weather advisories are issued for portions of the central Plains tonight, where several inches of snow could fall. The snow won’t last long, as the ground is relatively warm by late April, but it is indicative of the cold air dropping down through the Plains and spreading to the east to start the week. Wheat in the central and southern Plains will be vulnerable on Tuesday morning, but the greatest extent of the cold spreading from the Plains across the Midwest will be on Wednesday morning. The expected increase in Brazil rains did not happen as planned.

On China’s Dalian exchange, May corn was up 0.1%, May soybeans were up 0.6%, September soybean meal was up 0.7% and September soybean oil was up 0.8%. May common wheat on China’s Zhengzhou exchange was down 0.0%. June Malaysian palm oil is trading down 0.8%.

Following last week’s downward-pressuring trade, livestock enthusiasts are hopeful that demand continues to shine and supports both beef and pork cuts, and that the corn market holds at least steady to avoid adding any more pressure to the feeder cattle contracts.

Farm and Ranch Director Jesse Allen has the opening report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=845