Wheat Jumps to New Highs as Corn Holds Steady and Cattle Cash Climbs

Overview

• Wheat futures set fresh highs Wednesday morning following Tuesday’s broad rally, supported by large Saudi purchases and dry forecasts for key U.S. hard red winter areas.
• Corn stayed slightly higher Wednesday after EIA data showed ethanol output fell by 31,000 barrels per day in the week ending April 24, which pulled stocks down and tightened supply for plants.
• Soybeans firmed early Wednesday after a small Tuesday dip, with processing margins at record levels and fieldwork running ahead of normal in several major states.
• Cash cattle traded as high as $256 on Wednesday, boosting nearby futures, while U.S. officials tracked 1,416 active screwworm cases in Mexico and Florida restricted cattle imports from parts of Texas as a precaution.
• USDA reported corn 25% planted and soybeans 23% by Sunday, and export inspections showed 1.644 million metric tons of corn shipped last week, lifting the marketing-year total roughly 31% above a year ago.