Corn and wheat down in morning trading
The corn and wheat markets are lower with most of the contracts posting new contract lows. Soybeans and soybean meal futures are barely hanging onto small gains. The stock market was hit hard yesterday and is attempting to gain back some of the large losses from Monday. The U.S. dollar was up big yesterday and is down a fraction today.
At this hour, corn futures are 5¢ to 6¢ lower, soybean futures are 1¢ higher to 2¢ lower, and wheat futures are 9¢ to 13¢ lower.
In the outside markets, the U.S. dollar is down 0.10 points, the S&P 500 is up 33, the Dow is up 112 points, and energy prices are slightly lower. With Asia shut down for the Lunar New Year celebration and Brazil celebrating Carnival, it is a low-volume week of trade.
In the livestock markets today. April hogs are up $3.20, April cattle are down 72¢ and March Feeder cattle are down $1.32.
The USDA Ag Outlook forum starts today, and on Thursday they will release their projection for 2024 planted acreage of the main crop, and on Friday they will present yield projections and ending stocks. This meeting has a history of coming up with some very large numbers.
For a free trial of The Kluis Report, including three times a day market updates and the Saturday newsletter, visit kluiscommodities.com, call 888/345-2855, or email info@kluiscommodityadvisors.com.
Editor’s Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.
About the Author: Al Kluis has been a commodity advisor and broker since 1976. Kluis is an introducing broker with Wedbush Futures and writes a column, Your Profit, which appears in every issue of Successful Farming magazine. Kluis has published two books on commodities trading and is commonly quoted in major publications including the Wall Street Journal. He is also a featured speaker at commodity conferences nationwide. Kluis is a frequent market analyst for the Linder Farm Radio News Network. A Minnesota farm boy, Kluis was awarded his degree in ag economics from the University of Minnesota in 1974, after which he was executive director of the Minnesota Soybean Association before entering the markets full-time. His family still farms in southwest Minnesota, and Kluis enjoys helping with fieldwork when the markets allow.
