Mixed Day for Commodities in the Market

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. 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, 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.