Grain Prices Rise, Beef Mixed, Pork Higher on Chicago Mercantile Exchange

On April 24, 2024, wheat, corn, oats, and soybeans prices rose on the Chicago Mercantile Exchange, while beef prices were mixed and pork prices were higher. Wheat led the rally, with Chicago SRW jumping 3.63%, Kansas City HRW climbing 2.75%, and Minneapolis spring wheat adding 1.35%. May wheat was up 14.75 cents at $5.85 a bushel.

The wheat complex was driven by concerns over supplies due to Russian missile strikes damaging grain storage facilities and a terminal in Ukraine, as well as cold temperatures and dryness in the U.S. and Black Sea regions. Corn and soybeans followed wheat prices higher, with May corn rising 3.25 cents at $4.43 a bushel and May soybeans advancing 6.50 cents at $11.6750 a bushel.

Soybean futures moved up, supported by a rebound in external markets despite faster-than-expected U.S. sowing. The USDA reported increased demand for corn for both ethanol and feed, as well as a decline in U.S. winter wheat crop conditions. Farmers have also begun planting spring crops, with 12% of corn and 8% of soybeans planted as of April 24.

In the livestock market, beef prices were mixed, with April live cattle falling 0.47 cents at $1.8355 a pound, while April feeder cattle rose 0.85 cents at $2.4375 a pound. Pork prices were higher, with May lean hogs up 1.87 cents at $0.9857 a pound. Lean hog futures rallied, supported by tightening supplies and favorable pork demand outlook, with the June futures contract coming close to a contract high.

Why this matters: The price movements in agricultural commodities on the Chicago Mercantile Exchange have significant implications for farmers, food producers, and consumers. The rising prices of grains and pork, along with mixed beef prices, can impact food costs and influence economic decisions in the agricultural sector.

The overall commodities markets, including wheat and crude oil, also rallied, and the U.S. dollar softened, contributing to the price movements. "Wheat prices spiked, with Chicago SRW jumping 3.63%, Kansas City HRW climbing 2.75%, and Minneapolis spring wheat adding 1.35%," according to the market report. The ongoing developments in key growing regions, such as the Northern Plains, Central Southern Plains, Midwest, Delta, Brazil, and Argentina, will continue to shape the grain and livestock markets in the coming weeks.

Key Takeaways

• Wheat, corn, oats, and soybeans prices rose on the Chicago Mercantile Exchange.
• Wheat rally driven by concerns over supplies due to Russia-Ukraine conflict and weather.
• Corn and soybeans followed wheat prices higher, supported by external market rebound.
• Beef prices were mixed, while pork prices rose due to tightening supplies and demand.
• Ongoing developments in key growing regions will continue to shape grain and livestock markets.