Soybean giving back some gains. Tuesday, March 26, 2024
May corn is up 2¢ this morning.
May soybeans ended yesterday up more than 16¢. This morning they are down 5½¢.
CBOT wheat is down 3¼¢. KC wheat is down 6½¢. Minneapolis wheat is down 5¢.
“Grain and soybean futures drifted lower overnight under pressure from technically-driven selling and position evening ahead of Thursday’s key USDA reports,” says The Brock Report.
“Soybean futures have given back a chunk of their Monday gains under pressure from expectations for USDA to report U.S. producers intend to boost soybean plantings this spring and weak export demand.
“Corn futures continue to feel pressure from ample U.S. supplies. Wheat futures have been pressured by a weak Monday finish and easing concerns about Black Sea region exports.”
This Thursday USDA is expected to release the 2024 Prospective Plants and quarterly Grain Stocks reports. Markets will be closed on Friday.
Live cattle are down $3.40 this morning. Feeder cattle are down $5.03. Lean hogs are up 43¢.
Crude oil is down 33¢.
S&P 500 futures are up 9 points. Dow futures are up 52 points.
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