3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for Tuesday, January 16, 2024.
To Do: We had no new recommendations today. We recommend keeping all offers in place.
What I think: The grains closed mixed today in a choppy day of trade with soybeans higher and corn and wheat lower. Soybeans stabilized today after dropping Friday on the bearish numbers from the USDA and better export inspections helped to support the soybeans today. Corn and wheat were lower today on strong global supply and the higher US dollar. Corn and soybeans were able to hold the lows from Friday and this will be a focus this week. The US dollar jumped to a one-month high today as traders dialed back expectations of a March rate cut by the Fed, while crude oil was lower because of the Turmoil in the Red Sea.
What to watch: Monitor the weather in South America and the US dollar.
Today’s markets:
March Corn: The trading range was 9 cents. The market closed down 3 cents at $4.43. The support for March Corn sits at 4.41 and resistance is at 4.62.
March Soybeans: The trading range was 17 cents. The March contract closed up 3 cents at $12.27. Support is at $12.03 while resistance is up at $12.50.
March Wheat: The trading range was 26 cents. The Chicago market closed down 14 cents, Minneapolis was down 9 cents and KC was down 14 cents on the day. The support for Chicago wheat is at $5.76 and resistance is at $6.15.
Outside markets: The US dollar index at this hour is up .97 points, crude oil is down 87 cents per barrel at $71.78, the Dow was down 232 points and gold is down $20 an ounce.
Livestock futures: Trading was mixed today. At this time, February Hogs are down $1.12 at $70.77, February Cattle were down up $1.75 at $173.12 and March Feeders were up $1.12 at $228.82.
We will have our next update by 6 am tomorrow morning.