Grains starting week in the green. Tuesday, February 20, 2024

March corn is currently up 2¼¢.

March soybeans are up 14¢.

CBOT wheat is up 10¢. KC wheat is up 14¾¢. Minneapolis wheat is up 7¢.

“Grain and soybean futures rose overnight as traders came back from the three-day weekend feeling a bit less bearish about prices,” says The Brock Report. “There does not appear to have been any major bullish fundamental news over the long weekend, but an interest rate cut in China likely has helped ease demand concerns and a weaker dollar is lending some support to prices. More likely is that futures markets have simply factored in all of the bearish news for the moment with large speculators already holding near record short positions in corn and soybean futures as of last Tuesday.”

This morning USDA announced two new export sales. Japan is buying 155,000 metric tons of corn for delivery during the 2024/2025 marketing year. The Philippines are buying 228,000 metric tons of soybean meal for delivery during the 2023/2024 marketing year.

Live cattle are down 23¢ this morning. Feeder cattle are down 58¢. Lean hogs are up $1.30.

Crude oil is down 84¢.

The U.S. Dollar Index is down to 103.82.

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