Grains down to start the week. March 11, 2024

China canceled more U.S. wheat purchases with today’s announcement of 264,000 tons bringing the recent total to just over 504,000 metric tons, or about 18 million bushels.

This has put a lot of pressure on the wheat market which then pressures corn and soybean prices. Unless wheat futures get hit a lot harder, I look for corn and soybean prices to hold.

The key chart area of resistance to watch into the close is $4.40 for May corn and $11.90 for May soybeans. If the trend has changed, watch for a Monday or Tuesday low and a high on Friday.

At this hour, corn futures are 4¢ lower, soybean futures are 2¢ lower, and wheat futures are 5¢ to 7¢ lower.

The stock market in China is up 0.7% while stocks in Japan are down 2.2%. European stocks are down 0.3%.

The U.S. Dollar Index up 0.06 points at 102.71, crude oil is down $1.20 per barrel at $76.87, S&P futures are down 11 points; Dow futures are down 92 points, and gold futures are down $1 per ounce at $2,177.

In the livestock markets today. April hogs are down 5¢, April cattle are down 17¢ and March feeder cattle are down 50¢.

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