Grains in the green this morning. Tuesday, January 23, 2024
March corn is currently up 2½¢.
March soybeans are up 6¾¢.
CBOT wheat is up 5¾¢. KC wheat is up 12¢. Minneapolis wheat is up 3½¢.
“Funds are now short over 250,000 contracts of corn, which is the largest fund short ever in the month of January,” say Al Kluis, managing director of Kluis Commodity Advisors. “I will be watching the 10-day moving average to see if they start to cover.”
He adds, “I am watching the weather updates for southern Brazil and northern Argentina, where the forecasts have turned hot and dry. If the forecasts are right, then it can trigger a rally.”
Live cattle are down 5¢. Feeder cattle are up 33¢. Lean hogs are up 85¢.
Crude oil is down 16¢.
S&P 500 futures are up 3 points. Dow futures are down 95 points.
Outside of the U.S., milling wheat is up on the MATIF trade. Corn and No. 1 soybeans are in the red on the Dalian trade while No. 2 soybeans are green.
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