Soybeans up 12¢. Monday, March 4, 2024

Grains are in the green this morning, with May corn up 6¼¢.

May soybeans are up 12¢.

CBOT what is up 4¾¢. KC wheat is up 8¾¢. Minneapolis wheat is up 10¢.

“Since March soybeans gapped higher in the overnight trade, the low last week is a major low in the soybean market,” says Al Kluis, managing director of Kluis Commodity Advisors. “I am watching the price action today. Recently prices have rallied until about 10:30 a.m. and then turned lower into the close of trade. I would like to see May soybeans close above $11.60 and May Corn close above $4.30.”

This morning USDA announced Taiwan is buying 110,000 metric tons of corn to be delivered during the 2023/2024 marketing year. Unknown destinations are buying 126,000 metric tons of soybean cake and meal — 30,000 metric tons for 2023/2024 and 96,000 metric tons for 2024/2025.

Livestock are in the red this morning. Live cattle are down 33¢. Feeder cattle are down $1.03. Lean hogs are down 88¢.

Crude oil is down 45¢.

S&P 500 futures are down 7 points. Dow futures are down 118 points.

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