AGSIST DAILY — ARCHIVE
↔ Mixed
Tuesday, April 21, 2026
🟡 Sponsor this slot →
CORN HOLDS GAINS AS BEANS EDGE HIGHER
Markets consolidate after Monday's planting scare as weather watch intensifies.
Corn held steady at $4.59 after Monday's weather-driven rally, while soybeans added 2.75 cents to $11.87 on continued South American tightness. Livestock struggled with feeder cattle dropping 1.1% as producers face margin pressure.
Grains Hold SteadyMEDIUM CONVICTION
Corn futures stayed flat at $4.59 as traders digested Monday's weather premium. December corn at $4.79 shows the market still expects seasonal pressure once planting wraps up. Soybeans gained modestly with nearby futures at $11.87 and November at $11.62, supported by tight South American supplies. Chicago wheat dipped to $6.05 as spring planting conditions look favorable across the Northern Plains.
Grain markets pause after Monday's weather scare, holding recent gains.
Livestock DivergenceHIGH CONVICTION
Feeder cattle fell hardest, dropping 1.1% to $361.35 as the spread between input costs and cattle prices widens. Live cattle at $246.07 held better but still closed lower on margin concerns. Lean hogs bucked the trend, gaining 0.7% to $101.72 on stronger cash markets and tight supplies. Class III milk dropped 1.5% to $16.86 as spring flush season approaches.
Cattle struggle with feed costs while hogs find support from tight supplies.
Energy SteadyLOW CONVICTION
WTI crude oil added 0.2% to $86.88, holding near recent highs but off Monday's surge. Natural gas gained 0.5% to $2.67 as spring demand patterns emerge. Diesel margins remain elevated with refinery capacity still constrained heading into planting season when fuel demand typically peaks.
Energy markets calm after Monday's volatility, diesel stays expensive.
🧠 THE MORE YOU KNOW
Understanding Feeder Cattle Margins
When feeder cattle futures trade at $361 and corn sits near $4.60, the math gets ugly fast. A 750-pound feeder costs roughly $2,700 today. Add 2,800 pounds of corn at current prices (about $320) plus other costs, and you need live cattle above $250 to break even. That's a thin margin with live cattle at $246. This spread compression is why feedlots slow purchases and why feeder prices drop hardest when corn stays elevated.
📅 TODAY'S WATCH LIST
- 6:30 AM CTWeekly export sales data for corn and soybeans
- This weekMidwest weather models for planting window progress
- ThursdayCattle on Feed report could show placement slowdown
Know a farmer who’d want this?
Forward this briefing. Or new here? Subscribe in one tap.
CME Group, USDA, EIA, Federal Reserve · Auto-compiled at 6:02 AM CT