Wheat In the Red | Monday, November 11, 2024

The grain markets have turned lower with wheat futures getting hit hard. Last week the corn and soybean markets posted impressive gains after the bullish USDA reports. Wheat futures closed mixed to lower.

The main factor today is the major rainfall event that moved through the dry areas of the southern Plains this weekend. This pressured wheat prices first during the overnight trade, and then weighed on corn and soybean prices.

This morning, December corn futures are down 3¢, January soybean futures are 42¢ lower, and wheat futures are 12¢ to 17¢ lower. Even though corn and soybean prices are lower, the bull spreads continue to work.

The stock market in China is up 2% as the rally continues. Stocks in Japan are 1% higher. European stocks are up 0.1%. 

The U.S. Dollar Index is up 0.43 points at 105.42. Crude oil is down $2.20 per barrel at $68.18. S&P 500 futures are up 10 points at 6,035. Dow futures are 371 points higher at 44,514. Gold futures are down $70 per ounce at $2,625.

In the livestock markets today, December hogs are up 85¢, December cattle are down 10¢, and January feeder cattle are down 62¢.

Published: 10:08 a.m. CT

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Editor’s Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.

About the Author: Al Kluis has been a commodity advisor and broker since 1976. Kluis is an introducing broker with Wedbush Futures and writes a column, Your Profit, which appears in every issue of Successful Farming magazine. Kluis has published two books on commodities trading and is commonly quoted in major publications including the Wall Street Journal. He is also a featured speaker at commodity conferences nationwide. Kluis is a frequent market analyst for the Linder Farm Radio News Network. A Minnesota farm boy, Kluis was awarded his degree in ag economics from the University of Minnesota in 1974, after which he was executive director of the Minnesota Soybean Association before entering the markets full-time. His family still farms in southwest Minnesota, and Kluis enjoys helping with fieldwork when the markets allow.