Soy and wheat start week in the green. Monday, March 25, 2024

May corn is down less than a penny this morning.

May soybeans are up 9¼¢.

CBOT wheat is up 6¢. KC wheat is up 7¼¢. Minneapolis wheat is up 4¾¢.

“USDA will release its quarterly grain stocks and planting intentions survey results on Thursday at Noon EDT,” says Arlan Suderman, chief commodities economist for StoneX. “These reports are known for their surprises – especially the stocks reports. Even so, the reports tend to refocus the markets on the supply and demand fundamentals for the upcoming Northern Hemisphere growing season.

“Managed money continues to slowly transition away from its massive short positions in the grain and oilseed complex as we head into this period of elevated weather risks, along with rising risks of reinflation. …

“Good rains continue to fall over Center-West Brazil winter corn producing areas this week, although forecasters continue to point to elevated risks of dry weather during next month’s pollination. We should very quickly know over the next few weeks whether we’re going to see another big corn crop in Brazil, a very short crop, or something in between. The focus will then shift to the U.S. Midwest growing season.”

Live cattle are down 73¢ this morning. Feeder cattle are up 13¢. Lean hogs are up 48¢.

Crude oil is up $1.25.

S&P 500 futures are down 9 points. Dow futures are down 99 points.

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