March corn closes up 7¢

Despite being below $4 this morning, March corn managed to close up 7¼¢ at $4.07. May corn ended the day up 8¢.

March soybeans are up 3¢ and May soybeans are up 3½¢.

May CBOT wheat is up 5¾¢. May KC wheat is up 11¢. May Minneapolis wheat is up 6¢.

“Once new lows were posted in the March and May corn futures contracts, prices rebounded to close with a bullish reversal as traders likely covered short positions,” says the Grain Market Insider newsletter by Stewart-Peterson Inc. “Weekly corn export inspections came in at a marketing year high and managed funds show a new record net short position of nearly 341,000 contracts.

“Early weakness on reports of additional cargoes of Brazilian soybeans entering the U.S. East Coast for Perdue Farms gave way to higher prices after making fresh contract lows in both the March and May contracts, with support coming from firmer soybean oil and corn.

“…Solid wheat export inspections that came in at a seven-week high and above expectations lent support along with higher corn futures.”

April live cattle closed up 20¢. April feeder cattle are down $1.08. April lean hogs are down 93¢.

Crude oil is up $1.17.

June S&P 500 futures are down 17 points. June Dow futures are down 29 points.

Published: 3:05 p.m. CST

March corn below $4: 11:32 a.m. CST

March corn is currently down slightly and trading below $4. According to Grain Market Insider, “front-month corn futures have not traded below $4 since late 2020.”

May corn on the other hand is up 2¢ and is higher than $4.15 a bushel.

March soybeans are down 6¢. May soybeans are down 5¼¢.

May CBOT wheat is up slightly. May KC wheat is up 5¢. May Minneapolis wheat is up 2½¢.

April live cattle are up 58¢. April feeder cattle are up 5¢. April lean hogs are down 60¢.

Crude oil is up $1.07.

The U.S. Dollar Index March contract is down to 103.73.

June S&P 500 futures are down 5 points. June Dow futures are down 14 points.

Published: 11:32 a.m. CST

May corn down nearly 4¢: 9:27 a.m. CST

March corn is currently down 4¾¢. May corn is down 3¾¢.

March soybeans are down 1¼¢. May soybeans are down less than a penny.

March, May, and December CBOT wheat contracts are in the red. March and May KC wheat contracts are in the green. March Minneapolis wheat is down less than a penny while the May contract is flat.

“Managed money continues to build record to near-record short positions across the grain and oilseed sector, pulling prices to their lowest level in roughly three years – depending on the market,” says Arlan Suderman, chief commodities economist for StoneX.

“These markets are oversold, and this may feel like a final flush. But the truth is that they still lack a fundamental reason to force a change in market direction. That could come via a headline tied to geopolitical risks, or it could come via a weather problem in Brazil or the United States over the next several months, but today’s sentiment remains entrenched.

“Cheap prices are creating demand, and that will eventually be the roots of the next rally down the road. End users will have incentive to increase coverage on signs of a bottom, and fund managers will also have incentive to unwind short positions. But the timing of such and from what level we make that bottom is still yet to be determined by this market.”

Livestock are in the red this morning. April live cattle are down $1.15. April feeder cattle are down $1.13. April lean hogs are down 40¢.

Crude oil is up 47¢.

June S&P 500 futures are up three points. June Dow futures are up 74 points.

Published: 9:27 a.m. CST