Grain prices have seen an increase with May corn, soybeans, and various types of wheat all experiencing a rise, according to Al Kluis, managing director of Kluis Commodity Advisors. He is closely monitoring the prices, hoping for May soybeans to close above $11.60 and May Corn to close above $4.30. The USDA has reported that Taiwan is purchasing 110,000 metric tons of corn for the 2023/2024 marketing year, and unknown destinations are buying 126,000 metric tons of soybean cake and meal. However, livestock prices, crude oil, S&P 500 futures and Dow futures are all experiencing a decrease.
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Original content
Grains are in the green this morning, with May corn up 6¼¢. May soybeans are up 12¢. CBOT what is up 4¾¢. KC wheat is up 8¾¢. Minneapolis wheat is up 10¢. “Since March soybeans gapped higher in the overnight trade, the low last week is a major low in the soybean market,” says Al Kluis, managing director of Kluis Commodity Advisors. “I am watching the price action today. Recently prices have rallied until about 10:30 a.m. and then turned lower into the close of trade. I would like to see May soybeans close above $11.60 and May Corn close above $4.30.” This morning USDA announced Taiwan is buying 110,000 metric tons of corn to be delivered during the 2023/2024 marketing year. Unknown destinations are buying 126,000 metric tons of soybean cake and meal — 30,000 metric tons for 2023/2024 and 96,000 metric tons for 2024/2025. ...
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