Corn up slightly. Wednesday, February 28, 2024
May corn is up less than a penny this morning.
May soybeans are down less than a penny.
CBOT wheat is down 10½¢. KC wheat is down 9¾¢. Minneapolis wheat is down 5¢.
“The bull camp needs to find the trigger point at which the funds will start covering shorts,” says Bob Linneman, commodities broker with Kluis Commodity Advisors. “Traders are watching multiple technical targets for any increase in volume that signals the potential start of a bigger wave of short-covering.
“Can the grain charts break above key moving average resistance? The 20-day average is the first major level the bull camp will need to get above to further strengthen the idea that a major low has been etched.”
Live cattle are down 50¢. Feeder cattle are down $1.35. Lean hogs are down 8¢.
Crude oil is up 53¢.
S&P 500 futures are down 13 points. Dow futures are down 141 points.
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