3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for Monday, April 29, 2024.
To Do: We had no new recommendations today. Keep all offers in place.
What I think: The grains were today in choppy trading to start the week with soybeans higher and corn and wheat lower. Soybeans traded both sides today but closed on the positive side after following soybean meal higher. The beginning of a strike today in Argentinian crushing plants propelled the soybean products higher. Wheat was hurt today by profit taking after the rally last week and increased chances for moisture both here and in Russia, while corn basically held steady during the session. The Crop Progress report this afternoon had corn planting at 5% ahead of its 5-year average at 27% while soybeans were 8% ahead of their 5-year average at 18% planted. The report also showed winter wheat conditions at 49% G/E, which is a decrease of 1% from last week. In the outside markets, stocks were higher today while crude oil and the US dollar were lower.
What to watch: Monitor the extended weather maps and the global energy markets.
Today’s markets:
July Corn: The trading range was 6 cents. The market closed down 1 cent at $4.49. The support for July Corn sits at $4.45 and resistance is at $4.60.
July Soybeans: The trading range was 15 cents. The July contract closed up 5 cents at $11.82. Support is at $11.67 and resistance is up at $11.92.
July Wheat: The trading range was 21 cents. The Chicago market closed down 14 cents, Minneapolis was up 3 cents and KC was down 4 cents on the day. The support for Chicago wheat is at $6.02 and resistance is at $6.33.
Outside markets: The US dollar index at this hour is down .132 points, crude oil is down $1.14 per barrel at $82.71, the Dow was up 146 points, and gold is up $6 an ounce.
Livestock futures: Trading was mostly lower today. At this time, June Hogs were even at $102.47, June Cattle were down $1.42 at $177.50 and August Feeders were down 92 cents at $259.62.
We will have our next update by 6 am tomorrow morning. Have a great night.