Corn up 2¢ near market open. Wednesday, January 24, 2024
March corn is up 2¾¢.
March soybeans are up 4¼¢.
CBOT wheat is up 2¼¢. KC wheat is flat. Minneapolis wheat is down less than a penny.
“Grain and soybean futures ended a choppy early session slightly higher on apparent support from speculative bargain hunting and a weaker dollar,” says The Brock Report. “Lower estimates of Brazilian production and a dry spell in Argentina were supportive for soybean and corn prices. Indications of ample supplies continued to limit buying interest in corn and wheat futures. Soybean futures gains were limited by low Brazilian export prices, uncertainty about Chinese demand and fresh technical selling. Price action remained flat with futures sticking to narrow ranges.”
According to the Grain Market Insider newsletter by Stewart-Peterson Inc., if corn sees its fifth consecutive higher close today it will be the first time since last May.
Live cattle are up 53¢. Feeder cattle are up 43¢. Lean hogs are down 33¢.
Crude oil is up 64¢.
The U.S. Dollar Index is down to 102.62.
S&P 500 futures are up 24 points. Dow futures are up 131 points.
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