Corn and wheat down in morning trading. February 14, 2024

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.

Tags: wheat, futures, live cattle, feeder cattle, lean hogs, corn, soybeans