May corn down nearly 4¢. Monday, February 26, 2024

March corn is currently down 4¾¢. May corn is down 3¾¢.

March soybeans are down 1¼¢. May soybeans are down less than a penny.

March, May, and December CBOT wheat contracts are in the red. March and May KC wheat contracts are in the green. March Minneapolis wheat is down less than a penny while the May contract is flat.

“Managed money continues to build record to near-record short positions across the grain and oilseed sector, pulling prices to their lowest level in roughly three years – depending on the market,” says Arlan Suderman, chief commodities economist for StoneX.

“These markets are oversold, and this may feel like a final flush. But the truth is that they still lack a fundamental reason to force a change in market direction. That could come via a headline tied to geopolitical risks, or it could come via a weather problem in Brazil or the United States over the next several months, but today’s sentiment remains entrenched.

“Cheap prices are creating demand, and that will eventually be the roots of the next rally down the road. End users will have incentive to increase coverage on signs of a bottom, and fund managers will also have incentive to unwind short positions. But the timing of such and from what level we make that bottom is still yet to be determined by this market.”

Crude oil is up 47¢.

June S&P 500 futures are up three points. June Dow futures are up 74 points.

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