Livestock numbers down across the board | March 11, 2024

The grain markets had a mixed close today with wheat charging higher, corn after a lower start closed higher, and soybeans a fraction lower.   

At the close, corn futures closed 2¢ higher, soybean futures closed 3¢ to 5¢ lower, and wheat closed 10 to 13¢ higher. 

It is worth noting that corn closed right at the 40-day moving average and soybean futures were able to close over the 20-day moving average. Several of the CBOT and Kansas City wheat futures posted a daily key reversal higher.  

In the outside markets, the U.S. dollar is now slightly higher and the U.S. stock market has fought back to unchanged and energy prices are slightly higher. 

In the livestock markets on Monday. April hogs closed $1.10 lower at $83.27, April cattle closed unchanged at $187.60, and May feeder cattle closed down $1.37 at $255.37.

9:30 a.m.: Grains down to start the week

China canceled more U.S. wheat purchases with today’s announcement of 264,000 tons bringing the recent total to just over 504,000 metric tons, or about 18 million bushels. 

This has put a lot of pressure on the wheat market which then pressures corn and soybean prices. Unless wheat futures get hit a lot harder, I look for corn and soybean prices to hold. 

The key chart area of resistance to watch into the close is $4.40 for May corn and $11.90 for May soybeans. If the trend has changed, watch for a Monday or Tuesday low and a high on Friday. 

At this hour, corn futures are 4¢ lower, soybean futures are 2¢ lower, and wheat futures are 5¢ to 7¢ lower. 

Global Stock Markets: The stock market in China is up 0.7% while stocks in Japan are down 2.2%. European stocks are down 0.3%.  

Outside Markets: The U.S. Dollar Index up 0.06 points at 102.71, crude oil is down $1.20 per barrel at $76.87, S&P futures are down 11 points; Dow futures are down 92 points, and gold futures are down $1 per ounce at $2,177.

In the livestock markets today. April hogs are down 5¢, April cattle are down 17¢ and March feeder cattle are down 50¢.

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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.