Grain market were under pressure across the complex as weather opened up a window for planting progress after a slow start this spring. Spring wheat had additional selling following a report that Canadian farmers plan to seed more spring wheat acres this year. Corn and soybeans also ran into selling pressure from disappointment that we haven’t yet seen a trade deal with China.
The cattle market ran into strong selling just days after seeing new contract highs in feeders. Cash fed markets were higher but couldn’t support the buckling futures market. Record numbers of cattle on feed as of April 1st cast a negative tone for cattle markets into the summer months. Feeder cattle quickly retreated from their contract highs on the weaker live cattle futures and softening prices at auction barns.
Energy prices worked higher on ideas that increased sanctions against Iran would limit world crude supplies. The US dollar was strongly higher as foreign economies showed continued signs of slowing, leading investors to make a safe haven move toward US investment.