Corn in the green this morning. Tuesday, October 29, 2024
December corn is up 2½¢ this morning.
January soybeans are up 1¾¢.
December wheat contracts are also higher. CBOT wheat is up 6¢. KC wheat is up 5¾¢. Minneapolis wheat is up 4¼¢.
“On Monday the grain markets closed lower, as the collapse in crude oil and wet weather in South America pressured the grain markets,” said Al Kluis, managing director of Kluis Commodity Advisors.
“Lower global energy prices will be beneficial for global consumers, who will have more money to spend on food.
“The initial reaction to crude oil, gasoline and diesel prices tanking lower usually takes the grain markets lower for the short-term, but eventually prices will rally back.”
December live cattle are up 13¢. January feeder cattle are down 13¢. December lean hogs are up $1.40.
December crude oil is up 35¢.
The U.S. Dollar Index December contract is up to 104.47.
December S&P 500 futures are down 16 points. December Dow futures are down 227 points.
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