On Monday, March 25, 2024, the market saw a mixed day for commodities, with soybeans closing up 16¢, while May corn and wheat closed mostly in the red. May corn ended the day down 1½¢, while May soybeans were up 16¾¢. CBOT wheat saw a marginal increase, while KC wheat and Minneapolis wheat experienced a decline.
The Grain Market Insider newsletter by Stewart-Peterson Inc. noted that soybeans ended the day higher despite weakness in both corn and wheat. Prices were lower overnight but rallied into the close, with main support coming from higher soybean oil, aided by Malaysian palm oil. Additionally, soybean meal closed higher, albeit not by as much.
In livestock, live cattle ended the day down $1.30, feeder cattle down $1.05, and lean hogs up 58¢. Crude oil saw an increase of $1.28, while S&P 500 futures and Dow futures experienced a decline.
At midday, May corn was down 1¼¢, and May soybeans were up 13¼¢. CBOT wheat saw an increase of 4¢, with KC and Minneapolis wheat also experiencing a rise. Live cattle were down 70¢, feeder cattle up 58¢, and lean hogs up 15¢. Additionally, crude oil saw an increase of $1.45, while the U.S. Dollar Index June contract experienced a decline, along with S&P 500 futures and Dow futures.
As the week started, May corn was down slightly, while May soybeans were up 9¼¢. CBOT wheat saw an increase of 6¢, with KC wheat up 7¼¢ and Minneapolis wheat up 4¾¢. Arlan Suderman, chief commodities economist for StoneX, highlighted the upcoming release of the quarterly grain stocks and planting intentions survey results by the USDA, known for their surprises, especially the stocks reports. Suderman also noted the transition of managed money away from massive short positions in the grain and oilseed complex, as well as the focus on weather risks and rising risks of reinflation.
Good rains were reported over Center-West Brazil winter corn producing areas, with forecasts pointing to elevated risks of dry weather during next month’s pollination. Suderman emphasized the importance of the next few weeks in determining the outcome for Brazil’s corn crop and the shift to the U.S. Midwest growing season.
In the morning, live cattle were down 73¢, feeder cattle up 13¢, and lean hogs up 48¢. Crude oil saw an increase of $1.25, while S&P 500 futures and Dow futures experienced a decline.
