AGSIST DAILY — ARCHIVE
↔ Mixed
Friday, April 24, 2026
🟡 Sponsor this slot →
MILK CRASHES 6% AS GRAINS INCH HIGHER
Class III tumbled overnight while corn crept to $4.65 amid quiet trade.
Class III milk crashed 6.4% overnight to $16.86, the sharpest drop in months as dairy margins compress heading into summer. Corn managed a modest gain to $4.65 while soybeans edged to $11.75, both marking time as planting season enters its critical phase.
Grains Mark TimeLOW CONVICTION
Corn nudged higher to $4.65, up just 1.25 cents in lackluster trade. December corn gained a token 0.75 cents to $4.84, reflecting muted conviction as planting progresses. Soybeans added 2.5 cents to $11.75 while November beans managed just 1.25 cents to $11.54. Chicago wheat bucked the trend, slipping 1.5 cents to $6.18 as global supply pressures persist.
Grain complex treading water as planting season momentum builds.
Dairy DisasterHIGH CONVICTION
Class III milk suffered its worst session in months, plunging 6.4% to $16.86 in overnight trade. The collapse erases recent gains and pushes milk back toward the middle of its annual range. Margin compression accelerates as dairy producers face the double whammy of falling milk prices and stubborn feed costs. Live cattle held steady at $243.47 while lean hogs gained 0.9% to $103.42.
Dairy margins under severe pressure while beef and pork hold ground.
🎯 Dairy producers should hedge remaining 2026 production if Class III bounces above $17.50 next week.
Energy SoftensMEDIUM CONVICTION
WTI crude oil slipped 2.1% to $94.60, giving back recent gains as demand concerns resurface. Natural gas eased 1.0% to $2.69, cooling off from yesterday's volatility. The energy pullback provides modest relief for input costs, though diesel and propane remain elevated compared to last year. Lower energy prices could ease planting cost pressures as farmers push through the critical April window.
Energy retreat offers marginal relief on input costs during planting season.
Macro MixedLOW CONVICTION
The S&P 500 dipped 0.4% to $7,108.40, pulling back from near-record highs. The dollar index held flat at $100.00, maintaining recent strength that pressures export competitiveness. Gold gained 0.7% to $4,721 while silver jumped 1.4% to $75.83 as precious metals caught modest safe-haven flows. Financial markets lack conviction heading into the weekend.
Mixed signals from financial markets as spring planting dominates farmer focus.
🧠 THE MORE YOU KNOW
Why Milk Volatility Matters Beyond Dairy
Class III milk futures often signal broader agricultural margin pressures because dairy operations consume massive quantities of corn and soybean meal. When milk prices crater like today's 6.4% drop, it creates a ripple effect through feed demand. Dairy cows consume roughly 20 pounds of dry matter daily, with corn making up 25-30% of that ration. A sustained milk price collapse could reduce feed demand just as new crop corn enters critical development stages.
📅 TODAY'S WATCH LIST
- Monday openClass III recovery attempt above $17.00
- Next weekCorn planting progress reports from Midwest states
- April 30USDA Quarterly Grain Stocks report
Know a farmer who’d want this?
Forward this briefing. Or new here? Subscribe in one tap.
CME futures, overnight electronic trading · Auto-compiled at 6:02 AM CT