Grains starting the week mixed. Monday, March 18, 2024
May corn is currently down 1½¢.
May soybeans are down 2¾¢.
CBOT wheat is up 7¢. KC wheat is up 2¢. Minneapolis wheat is up 2¾¢.
“Friday’s CFTC [Commodity Futures Trading Commission] Commitment of Traders report confirmed that recent price strength in the grain and oilseed complex coincided with the unwinding of short positions by managed money,” says Arlan Suderman, chief commodities economist for StoneX.
“They still lean heavily short, but not to the extreme extent seen this winter. This is largely a product of fund managers recognizing that we’re entering the time of year when risks of leaning heavily short tend to be higher, with increased headline risk from weather and geopolitical risks. But rising inflation indicators also historically have made fund managers nervous holding big short positions.”
Live cattle are up 40¢. Feeder cattle are up $2.05. Lean hogs are down 30¢.
Crude oil is up 48¢.
S&P 500 futures are up 43 points. Dow futures are up 73 points.
Outside of the U.S., milling wheat is up on the MATIF exchange. Corn and soybeans are up on the Dalian exchange.
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