Corn starting day up a penny. Wednesday, September 20, 2023
December corn is currently up a penny.
November soybeans are down 1¼¢.
CBOT wheat is up 8½¢. KC wheat is up 2½¢. Minneapolis wheat is up 1½¢.
Bob Linneman, commodities broker with Kluis Commodity Advisors, says corn and soybeans closing higher yesterday “pumped some bullish action into the momentum indicators on the charts. Traders will want to see some follow-through action today to confirm a potential low on the charts. Wheat futures are starting the day by trading above the high from Tuesday. If the strength can continue, then we may see a close above the key 20-day moving average today.”
Today the U.S. Federal Reserve is supposed to announce if their will be another interest rate hike. Linneman says the trade is expected the Federal Reserve to hold interest rates steady. He also says traders will be listening for what the Federal Reserve is thinking for the remainder of the year.
This morning USDA announced the sale of 120,000 metric tons of soybeans to unknown destinations, to be delivered during the 2023/2024 marketing year.
Live cattle are down 60¢. Lean hogs are up 33¢. Feeder cattle are down 83¢.
Crude oil is down 42¢.
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