Corn starts day down 2¢. Tuesday, March 5, 2024

May corn is currently down 2½¢.

May soybeans are down 3¢.

CBOT wheat is down 9¼¢. KC wheat is down 5¾¢. Minneapolis wheat is down 6¢.

“The grain markets closed higher on Monday on fund buying and changes in the South American weather forecasts, which suggest dry conditions ahead,” says Al Kluis, managing director of Kluis Commodity Advisors. “The grain markets will begin a basing pattern on the daily and weekly charts. We will put in a series of M’s and W’s as we approach spring planting in the US.

“I am watching the Monday highs in corn and soybeans. The corn market ran into tough resistance at the 20-day moving average. For May corn, support now is at $4.25 and then at $4.20. For May soybeans, support is at $11.50 then $11.37.”

Live cattle are up 33¢. Feeder cattle are up $1.40. Lean hogs are down 48¢.

Crude oil is down 22¢.

S&P 500 futures are down 30 points. Dow futures are down 215 points.

Outside of the U.S., milling wheat is down on the MATIF exchange and corn is down on the Dalian exchange. Soybeans are up on the Dalian exchange.

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