Corn up a penny. Friday, March 15, 2024

May corn is up a penny this morning.

May soybeans are down 8¾¢.

CBOT wheat is up nearly a penny. KC wheat is down 1½¢. Minneapolis wheat is down less than a penny.

This morning USDA announced unknown destinations are buying 125,000 metric tons of corn to be delivered during the 2023/2024 marketing year.

“Soybean prices were unable to hold the early session strength, after prices were up over 20¢ early on Thursday,” says Bob Linneman, commodities broker with Kluis Commodity Advisors. “By the close, prices were nearly flat, which produced a ‘doji’ candle on the daily chart. This could be a sign that the bulls are out of gas in the short term. Corn and wheat futures were lower on Thursday. Traders are looking for support at the 20-day moving average as we close out the week.

“The Federal Reserve Board meets next week and will likely not change short-term interest rates. Traders are very interested in hearing what the Fed has to say about the outlook for rate cuts this year. At the beginning of the year, many traders felt we could see a rate cut in the second quarter of 2024; now, that outlook has shifted to maybe we see a rate cut in the fourth quarter.”

Live cattle are up 53¢. Feeder cattle are up 93¢. Lean hogs are up 50¢.

Crude oil is down 53¢.

S&P 500 futures are down 35 points. Dow futures are down 166 points.

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