Corn starts the week quietly up. Monday, January 22, 2024

March corn is up less than a penny this morning.

March soybeans are up 2¢.

CBOT wheat is down 1¾¢. KC wheat is down 3¢. Minneapolis wheat is up 4¢.

“There’s nothing bullish about the grain and oilseed fundamentals, as shown by the Jan. 12 USDA set of reports,” says Arlan Suderman, chief commodities economist for StoneX. “Fundamentally, something needs to change the narrative. Brazil’s harvest is ahead of the normal pace, but so is the pace of planting the winter corn crop, although we’re still at less than 10% for both. We are seeing some increased demand at these price levels, with end users also worried about what a short-covering rally could do to their costs. That doesn’t mean the bottom is in, but end users are recognizing that their upside risks rise the lower prices go and the shorter the fund positions get.”

Concerning a bottom, Al Kluis, managing director of Kluis Commodity Advisors, says “I am watching for the first day that corn and soybean prices can close above the two previous days’ high to confirm a major low in the markets. That key price level now is at $4.49½ for March corn and $12.31 for March soybeans.”

Live cattle are down 80¢. Feeder cattle are down $1.95. Lean hogs are down 33¢.

Crude oil is up $1.07.

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