Grains start day in the red. Tuesday, February 28, 2023
May corn is down 3¢ this morning, while May soybeans are down 24¢.
CBOT wheat is down 5¢. KC wheat is down 4¢. Minneapolis wheat is down 3¢.
Al Kluis with Kluis Commodity Advisors says he doesn’t expect the corn market to bottom out until the wheat market turns higher.
He adds the next long-term chart support for both corn and wheat is down another 20 cents per bushel.
Live cattle are down 15¢. Lean hogs are up 28¢. Feeder cattle are up 5¢.
Crude oil is up $1.40.
June U.S. Dollar Index futures are at 104.25.
S&P 500 futures are down 4 points.
Dow futures are down 131 points.
Outside of the U.S., milling wheat is down on the MATIF trade. Corn and soybeans are down on the Dalian trade.
Read also
Ukraine exported almost 37.5 mln tons of grain in the MY 2025/26
Extreme heat in France has caused a loss of around 30% of the corn crop
Argentina nearly completes new soybean harvest
Prices for Black Sea wheat are currently the lowest on the world market
Saudi Arabia has announced a tender for the purchase of wheat
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