DAILY MARKET COMMENTARY

4/29/2025   

Good afternoon. Ag markets at the Board of Trade spent most of Tuesday working lower to sharply lower, with ongoing liquidation ahead of first notice day tomorrow and a forecast that remains conducive to early season crop development being the main themes for the session. Wheat futures performed the best out the bunch relatively speaking but still made new contract lows for the day, while corn and soybeans each saw heavy selling in the old crop months that also led to a notable weakening of spreads.

CK closed Tuesday at 4.60 and 1/2, down 15 cents. CN was down 13 at 4.70 and 1/4. SK finished at 10.41, down 11 cents. SN closed at 10.52 and 3/4, down 9 and 3/4. WK was down 9 and 3/4 at 5.05 and 3/4. WN closed at 5.25 and 1/2, down 5 and 1/2. New contract low for WN at 5.23 and 3/4. Products were mixed, May soybean meal closed at 290.50, up $3.50/ton, and May soybean oil closed at 48.85, down 1.06 cents/lb. Livestock also finished Tuesday mixed, June live cattle were up 60 cents at 210.20, August feeders closed at 296.90, up $1.95, and June hogs closed at 99.45, down $1.55. New contract highs again for both of the cattle markets. Outside markets are mixed as well, crude oil futures are trading $1.40-1.80/bbl lower, the Dow Jones index is up 370 points, and the US$ index is up 10-20 points; the S&P500 is up 30 points and the NASDAQ is up 60 points. Gold futures are down around $20/oz and are having an inside day.

Corn spreads took a dive on Tuesday and soybean spreads were mixed/mostly lower; CK/CN closed at - 9 and 3/4, down 2 cents, and SK/SN closed at -11 and 3/4, down a penny and 1/4. CK/CN matched its contract low at -10 and WK/WN made a new contract low at -19 and 3/4.

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