3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for Thursday, April 27, 2023.
To Do: We had no new recommendations today. Keep all offers in place.
What I think: The grains continued their tough week with another hard down day in brisk trading. Tomorrow is First Notice Day for the May futures so we saw liquidation of those contracts as traders rolled into other months. The weekly Grain Export Sales report this morning came in as expected for the grains, although we saw another cancellation of a sale of corn by China which added to the pressure today. The grains are very oversold at the moment but we need to find an area of support if they are to stop sinking. The stock market soared higher today on positive quarterly earnings, while crude oil also stopped its slide today.
What to watch: Monitor the deliveries tomorrow as well as who makes them and who takes them.
Today’s markets:
May Corn: The trading range was 23 cents. The market closed down 14 cents at $6.27. The support for May Corn sits at 6.21 and resistance is at $6.55.
May Soybeans: The trading range was 22 cents. The May contract closed down 9 cents at $14.27. Support is at $14.20 while resistance is up at $14.68.
May Wheat: The trading range was 20 cents. The Chicago market closed down 12 cents, Minneapolis was down 39 cents and KC was down 15 cents on the day. The support for Chicago wheat is at $6.10 and resistance is at $6.54.
Outside markets: The US dollar index at this hour is up .04 points, crude oil is up 52 cents per barrel at $74.82, the Dow was up 524 points and gold is up $1 an ounce.
Livestock futures: Trading was mixed today. At this time, June Hogs were down 17 cents at $90.10, June Cattle were up 62 cents at $165.20 and May Feeders were up $1.25 at $211.52.
We will have our next update by 6 am tomorrow morning. Have a great night.