Grains mixed this morning. Wednesday, March 27, 2024

May corn is down 3½¢.

May soybeans are down 5¼¢.

CBOT wheat is up a penny. KC wheat is up less than a penny. Minneapolis wheat is up 2¾¢.

“Grain and soybean futures have come under further pressure in overnight trade from technical follow-through to Tuesday’s weak closes and ideas of ample U.S. supplies amid slack export demand,” said The Brock Report this morning prior to the 8:30 a.m. open. “Soybean futures continue to feel pressure from large South American supplies and prospects for U.S. soybean acres to rise this year. Large Russian wheat supplies continue to weigh on wheat futures.”

Tomorrow at 11 a.m. CDT, USDA is expected to release the annual Prospective Plantings report, which contains the agency’s expectations for how many corn, soybean, and wheat acres will be planted for 2024. The quarterly Grain Stocks report is also expected tomorrow.

Live cattle are down 48¢. Feeder cattle are down 35¢. Lean hogs are up 55¢.

Crude oil is down 37¢.

S&P 500 futures are up 13 points. Dow futures are up 249 points.

Outside of the U.S., milling wheat is down on the MATIF exchange. May corn is down on the Dalian exchange. May No. 1 soybeans and May No. 2 soybeans are up.

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