3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for Monday, May 10, 2024.
To Do: We had one new recommendation today: The target of $4.93 for December 2024 corn was hit today. We recommend increasing new crop corn sales by 10% to get to 20% sold now. We recommend keeping all other offers in place.
What I think: The grains were higher today in busy trading to start the week. Wheat led the way higher on Russian frost stories and dryness in the western part of the US wheat growing region. Funds are continuing to short cover and technical trading also helped to support the grains today. The Crop Progress report this afternoon showed corn at 49% planted and 5% behind its 5-year average, while soybeans are. at 35% planted and 1% ahead of its 5-year average. The report also showed winter wheat at 50% G/E and the same as last week. The outside markets were slow today except for crude oil which rose almost $1 a barrel.
What to watch: Monitor the market reaction to the numbers the USDA releases tomorrow.
Today’s markets:
July Corn: The trading range was 10 cents. The market closed up 3 cents at $4.72. The support for July Corn sits at 4.54 and resistance is at 4.76.
July Soybeans: The trading range was 17 cents. The July contract closed up 1 cent at $12.19. Support is at $12.04 while resistance is up at $12.56.
July Wheat: The trading range was 40 cents. The Chicago market closed up 23 cents, Minneapolis was up 18 cents and KC was up 27 cents on the day. The support for Chicago wheat is at $6.28 and resistance is at $6.94.
Outside markets: The US dollar index at this hour is down .06 points, crude oil is up 94 cents per barrel at $79.20, the Dow was down 81 points and gold is down $32 an ounce.
Livestock futures: Trading was mixed today. At this time, June Hogs are down 90 cents at $97.47, June Cattle were down 57 cents at $175.57 and August Feeders were up 45 cents at $251.35.
We will have our next update by 6 am tomorrow morning.