Wheat futures saw a rise in overnight trading due to concerns over dry weather in the U.S. and export issues in Ukraine. The lack of rain in the U.S. southern Plains may impact the winter wheat crop, with national ratings showing a slight decline from the previous week. Kansas, a major winter wheat producer, also saw a decrease in top ratings.
Meanwhile, Ukraine is expected to experience declines in planted area, production, and exports compared to the previous year. The USDA reported a significant drop in wheat area, production, and exports for the 2024/2025 marketing year in the war-torn country.
In response to these factors, wheat futures for July delivery rose in overnight trading on the Chicago Board of Trade. Corn and soybean futures, however, experienced slight declines.
On another front, cattle on feed at the beginning of April increased by 1% compared to the previous year, according to USDA data. The number of cattle and calves on feed for slaughter in large feedlots rose to 11.8 million head, with notable increases in both steers and calves.
March placements showed a significant decrease, with net placements totaling 1.69 million head. Marketings of fed cattle also saw a decline in March compared to the previous year.
Looking ahead, red flag warnings have been issued for dry weather in the Dakotas, further adding to concerns in the agricultural sector. Farmers and market analysts are closely monitoring these developments as they navigate the impact on crop production and livestock management.
