Analyst Says Market Under “Moderate Pressure”

March corn is up a penny this morning while March soybeans are down less than a penny.

March wheat contracts are lower this morning. CBOT wheat is down 5¢. KC wheat is down 3¢. Minneapolis wheat is down 3¼¢.

“Moderate pressure is being seen in the market this morning, which is not surprising given the lack of interest we are seeing from traders,” said Karl Setzer, partner at Consus Ag Consulting. “Several markets are closed today for a National Day of Mourning for former President Carter. The ag sector will have an early close today at 1:15 p.m. ET. Given tomorrow is the monthly WASDE [World Agricultural Supply and Demand Estimates] and quarterly Grain Stocks report, along with the delayed export data, many traders are simply not participating in today’s session.”

Tomorrow USDA is expected to release several reports, including the monthly WASDE report, the quarterly Grain Stocks report, the annual Winter Wheat and Canola Seedings report, the Crop Production 2024 Summary, and the weekly U.S. Export Sales report, which was delayed today due to observance of the National Day of Mourning.

“Fresh news is light this morning as well, with no flash sales announced since government offices are closed,” Setzer continued. “We are hearing more talk of wetter forecasts for Argentina this morning, but rains remain at least a week out. Crop estimates are already declining in Argentina, so the question now is if rains will reverse damage that has already taken place or simply prevent additional crop losses.”

February live cattle are up $1.93 this morning. March feeder cattle are up $2.15. February lean hogs are up $2.30.

February crude oil is up 74¢.

The U.S. Dollar Index March contract is up to 109.02.

March S&P 500 futures are down 15 points. March Dow futures are down 56 points.

Published: 10:07 a.m. CT