Corn crosses into the green. Wednesday, March 13, 2024

May corn is currently up less than a penny.

May soybeans have crept up some, but are still in the red, currently down 4¾¢.

CBOT wheat is down 3¼¢. KC wheat is down 8¾¢. Minneapolis wheat is down 5¼¢.

Live cattle are up $1.08. Feeder cattle are up 33¢. Lean hogs are down 93¢.

Crude oil is up $1.56.

The U.S. Dollar Index June contract is down to 102.42.

S&P 500 futures are down 7 points. Dow futures are up 150 points.

Published: 10:42 a.m. CST

Soybeans down 11¢: 9:14 a.m. CST

May corn is down a 2¼¢ this morning.

May soybeans are down 11¼¢.

CBOT wheat is down 9¾¢. KC wheat is down 13¾¢. Minneapolis wheat is down 10¢.

“Intense rains in Argentina are beginning to leave the soil too wet in key agricultural areas, which could also make it harder to harvest the 2023/2024 soybean crop, a climate specialist said on Tuesday, though the conditions could be good for the 2024/2025 wheat crop,” says Naomi Blohm, senior market advisor with Total Farm Marketing. “The heavy rains also caused flooding in parts of the city of Buenos Aires, with residents wading through up to waist-high waters and storms bringing ‘a lightning strike every second,’ meteorologists said.

“In the past 24 hours, Argentina’s main agricultural regions have seen between 15 mm and 75 mm of rain, according to the national meteorological service, which predicts more over the next few days. Growers in the Buenos Aires, Santa Fe and Entre Rios provinces have seen between 140 mm and 150 mm of rains so far this month, which is above average, meteorologist German Heinzenknecht said in an interview, adding the areas are likely to see similar amounts in the rest of March.”

Arlan Suderman, chief commodities economist for StoneX, said this morning prior to the 8:30 a.m CST market open that production cuts in Brazil give bulls a reason for hope.

“Grain traders woke up to a familiar sight this morning – values in the red across the board – but the bullish camp will be hoping for yet another day session turnaround that has been a staple of the past week,” he said. “There are at least some fundamental bits and pieces that bullish traders can cling to as of late, including Brazilian production cuts and lingering doubts over safrinha corn weather, but the overall fundamental situation remains a bearish one, at least for the next two weeks until U.S. stocks and acreage figures could shift the tune.

“The trade will be watching USDA daily flash sales closely this morning after China cancelled more than half a million metric tons of U.S. soft red winter wheat Thursday through Monday, the largest such reported cancellations in more than two decades.”

Live cattle are up $1.00. Feeder cattle are up 53¢. Lean hogs are down $1.13.

Crude oil is up $2.04.

S&P 500 futures are down 9 points. Dow futures are up 59 points.

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