Grains end day in the green | October 2, 2023

The corn and wheat markets posted good gains and even soybeans closed higher on a late rally. This was a good start to the month of October and the last quarter of the year. 

Farmers are making good harvest progress but very little of the crop is being sold. 

At the close today December corn was up 12¢, November soybeans closed 2¢ higher and wheat futures managed to close 12-to-23¢ higher. 

In the outside markets today. The stock market has turned lower again after a higher start with the Dow now down right at 200 points again today. The US dollar is up 66 points at 106.83 – making new highs for 2023.

Crude oil fell lower today after starting the day higher and is now down $1.90 per barrel making a reversal lower on the daily and possibly weekly charts.

In the livestock markets on Monday. October hogs closed down 35¢ at $79.855, October cattle closed up 22¢ at $184.42, and November feeders closed up 80¢ at $255.70.

12 p.m.: Corn up 11¢ at midday

The corn and wheat markets continue to trade higher while soybeans are now a fraction lower in slow trade. Today the USDA Crop Conditions report is likely to show harvest advancing to about 22-to-25% for corn and soybeans. Yields are extremely variable. 

I am watching to see if December corn can close above $4.90 the high so far today has been $4.88. For soybeans the high has been $12.77 ½ that is short term resistance with additional resistance at $13.00. 

At this time corn is up 11¢, soybean futures are 1¢ lower and wheat futures are up 7-to-18¢. 

Looking beyond today’s Crop Progress and conditions report and ahead to next week – the trade will focus on weather and planting progress in Brazil. They are off to a very uneven start. 

In the outside markets. The stock market has turned lower again with the Dow now down 250 points. The US dollar is up 0.75 points today. Crude oil is now down $1.20 per barrel with a potential reversal on my daily and weekly charts. 

In the livestock futures, November feeder cattle are up $1.50, October live cattle are up 62¢, and October hogs are down 32¢.

10:30 a.m.: Corn and wheat rising early

The corn and wheat markets are posting impressive gains today, getting back some of the sharp losses from Friday. Soybeans were lower most of the night but are now back to even. Welcome to October. 

The start of the new month and quarter has often been a good time to change the trend. The trade is looking for corn and soybean harvest to reach up to about 25% complete in the USDA report this afternoon. 

At this time, corn futures are 9¢ per bushel higher. Soybeans are unchanged to 1¢ lower, and wheat futures are 11¢ to 18¢ higher. The US Dollar Index is up 0.62 points at 106.8, crude oil is down $1.80 per barrel at $88.90, S&P futures are up 8 points at 4,334, and Dow futures are down 30 points at 33,964. 

Livestock futures are mixed today with hogs lower cattle and feeders higher.

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Editor's Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.

About the Author: Al Kluis has been a commodity advisor and broker since 1976. Kluis is an introducing broker with Wedbush Futures and writes a column, Your Profit, which appears in every issue of Successful Farming magazine. Kluis has published two books on commodities trading and is commonly quoted in major publications including the Wall Street Journal. He is also a featured speaker at commodity conferences nationwide. Kluis is a frequent market analyst for the Linder Farm Radio News Network. A Minnesota farm boy, Kluis was awarded his degree in ag economics from the University of Minnesota in 1974, after which he was executive director of the Minnesota Soybean Association before entering the markets full-time. His family still farms in southwest Minnesota, and Kluis enjoys helping with fieldwork when the markets allow.