At the close:
At the close, the March corn futures finished 1/4¢ higher at $3.72. May corn futures closed 1/4¢ higher at $3.76.
March soybean futures finished 4 3/4¢ higher at $8.79. May soybean futures finished 5 3/4¢ higher at $8.88 1/4.
May wheat futures settled 2 1/4¢ higher at $5.37.
May soymeal futures closed $1.00 per short ton higher at $293.00.
May soy oil futures ended $0.25 cents lower at 29.62¢ per pound.
In the outside markets, the NYMEX crude oil market is $1.58 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 850 points lower.
Mike
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At 8:45am:
In early trading, the March corn futures are 1 1/4¢ higer at $3.73 1/2. May corn futures are 1¢ higher at $3.77 1/2.
March soybean futures are 2 3/4¢ higher at $8.77 1/2. May soybean futures are 3 1/4¢ higher at $8.85 1/4.
May wheat futures are 3¢ lower at $5.31 1/4.
May soymeal futures are $1.10 per short ton higher at $293.40.
May soy oil futures are $0.33 cents lower at 29.54¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.01 per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 123 points higher.
Al Kluis, Kluis Advisors, says that investors will be watching the progress of the soybean market.
“We have a lot of grain price cycles that suggest a bottom in the grain market by March 13 to 15. When the panic selling is over, I expect a base to be built before some type of weather scare starts to takes grain prices higher. This is setting up a great buying opportunity for livestock farmers and ethanol shareholders,” Kluis stated in a daily note to customers.
Kluis added, "We are watching for the first day that prices close higher and above the opening. That will signal the the grain markets have put in a short-term low."
Mike
