3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for Wednesday, August 14, 2024.
To Do: We had no new recommendations today. We recommend keeping all offers in place.
What I think: The grains closed mostly higher today in choppy trade with corn and soybeans higher and wheat mixed. Corn and soybeans found support on end-user buying and technical buying as they closed well off of their lows for the session. Wheat traded both sides on a day of little news in that sector. Crude oil was down over $1 a barrel today on a surprise rise in inventories while the stock market was higher on increased confidence of a September interest rate cut.
What to watch: Monitor the weekly Grain Export Sales report tomorrow morning.
Today’s markets:
September Corn: The trading range was 6 cents. The market closed up 3 cents at $3.81. The support for September Corn sits at 3.72 and resistance is at 3.93.
September Soybeans: The trading range was 18 cents. The September contract closed up 5 cents at $9.52. Support is at $9.40 while resistance is up at $9.93.
September Wheat: The trading range was 13 cents. The Chicago market closed up 6 cents, Minneapolis was even and KC was down 1 cent on the day. The support for Chicago wheat is at $5.14 and resistance is at $5.52.
Outside markets: The US dollar index at this hour is up .04 points, crude oil is down $1.15 per barrel at $77.20, the Dow was up 270 points and gold is down $24 an ounce.
Livestock futures: Trading was higher today. At this time, October Hogs are up $3.07 at $75.92, October Cattle were up $1.37 at $182.12 and October Feeders were up $2.17 at $242.10.
We will have our next update by 6 am tomorrow morning.