Soybeans close up 3rd straight trading day | Tuesday, March 28, 2023
Corn ended the day down a penny while soybeans are up 24¢.
Soybeans closed at $14.67 a bushel. Today is the third trading day in a row soybeans have closed higher since closing at $14.19 last Thursday.
CBOT wheat is up a penny. KC wheat is up 11¢. Minneapolis wheat is up 9¢.
Live cattle are down 8¢. Lean hogs are down 53¢. Feeder cattle are down 80¢.
Crude oil is currently up 34¢.
S&P 500 futures are down 19 points. Dow futures are down 103 points.
Soybeans up 22¢ at midday: 11:53 a.m. CDT
Corn is flat at midday while soybeans are up 22¢.
CBOT wheat is up 3⁄4 of a penny. KC wheat is up 7¢. Minneapolis wheat is up 8¢.
Arlan Suderman, chief commodities economist with StoneX, says soybeans are up today because traders are focused on declining production estimates out of Argentina and tightening supplies.
"China remains an active buyer of Brazilian soybeans, even though crush there has slowed considerably, suggesting that China is parking those surplus beans in its reserve to rebuild stocks," he says. "China continues to buy U.S. corn on nearly a daily basis as well — with those bushels likely going to rebuilding its reserve supplies too."
Live cattle are down 8¢. Lean hogs are down $1.10. Feeder cattle are down 28¢.
Crude oil is up $1.08.
The U.S. Dollar Index June contract is at 102.14.
S&P 500 futures are down 8 points. Dow futures are up 30 points.
Grains start day mixed: 9:11 a.m. CDT
Corn is currently up 1⁄4 of a penny.
Soybeans are up 10¢.
China is buying more corn. This morning USDA announced the sale of 136,000 metric tons for the 2022/2023 marketing year.
CBOT wheat is down a penny. KC wheat is up 4¢. Minneapolis wheat is down 3⁄4 of a penny.
Live cattle are down 25¢. Lean hogs are down 35¢. Feeder cattle are up 5¢.
Crude oil is down a penny to $72.80 a barrel. Al Kluis, managing director of Kluis Commodity Advisors, says crude oil's current rally is bullish for the entire commodity complex.
Nick Tsiolis, founder of Farmer's Keeper, says we have officially entered into the U.S. weather market.
"Forecasts look cold and wet into April," he says. "That, and a couple feet of snow in the northern planes has those producers convinced planting will be delayed. That's not necessarily a 'crop scare' but it could give markets something to get excited about for a few weeks."
S&P 500 futures are currently down 6 points. Dow futures are up 40 points.