Corn and wheat on the rise this morning. Wednesday, October 2, 2024
December corn is up 3½¢ this morning.
November soybeans are down 8¢.
December wheat contracts are higher this morning. CBOT wheat is up 14¾¢. KC wheat is up 19¼¢. Minneapolis wheat is up 12½¢.
“Corn and wheat are slightly above resistance this morning,” said Naomi Blohm, senior market advisor with Total Farm Marketing, prior to the 8:30 a.m. market open. “These two grains are supported by war concerns.
“Corn is up because crude is up. Crude is up because Iran sent 200 missiles yesterday into Israel.
“Wheat is up because Russia launched a drone attack on port infrastructure in Odesa.
“These two geo-political issues are causing funds to continue to exit their short positions.
“Today’s close is very important for corn and wheat. Will prices close above resistance, and will those inverted head-and-shoulder technical formations ‘kick in,’ which suggest additional upside for prices, or will prices hit a short-term high at these resistance areas, and then retreat lower?
“Beans are lower today on better rain chances in South America, and tumbling soybean meal prices.”
December live cattle are up 38¢. November feeder cattle are up $1.18. December lean hogs are up 50¢.
November crude oil is up $2.25.
The U.S. Dollar Index December contract is up to 101.28.
December S&P 500 futures are down 8 points. December Dow futures are down 34 points.
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