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U.S. GDP increased at 1.6% rate in first quarter, less than expected

Wheat led strength overnight, with corn following modestly to the upside. Soybeans favored the downside and went into the break near session lows.

Weekly corn sales for the week ended April 18 topped pre-report expectations by a notable margin, while soybean sales missed the pre-report range.

Soybeans pulled back from recent gains overnight, while corn and wheat traded on both sides of unchanged.

Big weekly increase in cash wheat prices.

Wheat basis held relatively steady despite the big jump in cash prices.

Frozen beef stocks declined more than average during March, signaling demand remains strong. Pork inventories built contra-seasonally last month.

USDA’s Animal and Plant Health Inspection Service (APHIS) will require testing for the H5N1 virus in dairy cattle crossing state lines. Any detection of the disease must also be reported.

After the Bell | April 24, 2024