Grain futures were mixed while soybeans turned higher in the overnight session on the Chicago Board of Trade.
Investors were watching developments between Russia and Ukraine as talks between the countries continued. However, little headway was made.
Russian officials have downplayed any talks, saying there was little progress, while Ukraine’s military has said Russia hasn’t eased its attacks despite promises to do so, according to media reports.
Ukrainian President Volodymyr Zelensky said he will not reduce efforts to repel Russia, and U.S. President Joe Biden said Western countries shouldn’t trust any Russian promises.
Zelensky wants more sanctions against Russia, and said the port city of Mariupol has been almost completely destroyed, the reports said.
The United Nations now estimates more than 4 million people have fled Ukraine since the Russian attacks started 35 days ago.
Corn futures also may be rising as dry weather stresses Brazil’s second, or safrinha, corn crop. Dry weather is expected to stress about 15% of the crop in the country’s northeastern growing areas, Commodity Weather Group said in a report.
Heavy rains may cause flooding on about 15% of the southern Brazil growing areas next week, the forecaster said.
In Argentina, corn and soybeans likely will see limited rain in the next two weeks, but showers in the northern quarter of growing ares will limit stress, CWG said.
Wheat for May delivery lost 7½¢ to $10.06¾ a bushel overnight on the Chicago Board of Trade while Kansas City futures fell 6¢ to $10.18½ a bushel.
Corn futures rose 6¢ to $7.32¼ a bushel.
Soybean futures for May delivery rose 5¾¢ to $16.48¾ a bushel. Soymeal was up $2.50 to $468.50 a short ton, and soybean oil futures added 0.28¢ to 71.94¢ a pound.
Beef in cold storage as of March 28 rose to 532.5 million pounds, up from 525.7 million a month earlier, the USDA said in a report that was updated yesterday.
Pork stocks this month rose to 480.4 million pounds, up from 434.4 million pounds in February, the agency said.
Broiler inventories in March are now at 744.7 million pounds, up from 734.7 million the previous month. Turkey in cold storage is at 295.6 million pounds, up from 243.8 million.
U.S. red-meat production in February fell month-to-month as pork and beef output both declined, according to the Ag Department.
Total production dropped to 4.43 billion pounds last month from 4.56 billion in January.
Beef output in February was reported at 2.25 billion pounds, down from 2.27 billion a month earlier. Pork production also was lower, falling to 2.17 billion pounds from 2.28 billion, the agency said.
Cattle slaughter slowed as well with a total of 2.69 million head killed in February, down from 2.7 million in January. Hog slaughter was reported at 9.94 million head, down from 10.4 million a month earlier.
In January and February, however, processors slaughtered 5.39 million head of cattle, up from the 5.27 million head during the same time frame in 2021, the USDA said.
Hog slaughter in the first two months of the year totaled 20.4 million head, down from 21.7 million a year earlier.
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Winter weather is expected in parts of northern Wisconsin through the northern half of Michigan today, according to the National Weather Service.
Winter-weather advisories are in effect this morning in northern Wisconsin where freezing rain is expected to change to rain as temperatures slowly rise, the NWS said in a report.
Ice accumulations of up to 0.10 inch are expected, making travel hazardous.
In northern Michigan, meanwhile, an ice storm warning is in effect until noon. About 1 inch of snow will cover a narrow sheet of ice, and winds will gust up to 35 mph this morning, the NWS said.
“Plan on slippery road conditions,” the agency said. “Travel is strongly discouraged.”
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