Corn prices reached their lowest level in three years

Home » Corn prices hit three-year lowSource: Sosland Publishing Co.

Review of February 21st

• Corn futures fell to a three-year low on Wednesday on ample domestic supply, signaling that South American export rivals will reap strong harvests this year. Complex wheat futures fell under pressure from ample global supply and strong export competition, except for nearby Chicago futures, which rose as shippers sought to replenish their sales to China. Soy complex futures followed the downward trend in corn. The Corn in March Futures lost 7¾¢ to close at $4.11 per bu. Chicago March wheat rose slightly by ½¢ to close at $5.83¼ per BU despite all futures declining. Kansas City March wheat fell 8½¢ to close at $5.77¼ per bu. Minneapolis march Wheat fell 6¼¢ to close at $6.59¼ per bu. Soybeans in March fell 18¼¢ to close at $11.60¾ per bu. March soybean meal retreated $5.60 to close at $342 per ton. March soybean oil lost 0.58¢ to close at 44.83¢ per pound.

• U.S. stock indexes posted mixed closes on Wednesday, with the Nasdaq continuing to weaken under pressure from Nvidia shares ahead of the AI ​​company's highly anticipated earnings report. Investors also got a look at minutes from the Federal Reserve's January policy meeting, which showed that most Fed officials were wary of cutting interest rates too early. The Dow Jones Industrial Average gained 48.44 points or 0.13% to close at 38,612.24. The Standard & Poor's 500 gained 6.29 points or 0.13% to close at 4,981.80. The Nasdaq Composite lost 49.91 points or 0.32% to close at 15,580.87.

• US crude oil Prices were higher on Wednesday. April futures for light, sweet West Texas Intermediate crude rose 87 cents to close at $77.91 a barrel.

• The US dollar index declined on Wednesday for the fifth time in a row.

• US gold Futures also declining despite the weak dollar. The February contract lost $5.20 to close at $2,022.30 an ounce.

Review of February 20th

• Wheat futures rallied on Tuesday, led by Chicago contracts, from the previous week's contract lows, supported by a weaker dollar and geopolitical tensions. Corn futures were also higher, although prices hovered near multi-year lows. The spillover strength of these commodities helped lift soybeans. The Corn in March Future added 2¼¢ to close at $4.18¾ per bu. Chicago March wheat rose 22¼¢ and settled at $5.82¾ per bu. Kansas City March wheat rose 18½¢ to close at $5.85¾ per bu. Minneapolis march Wheat rose 10¾¢ to close at $6.65½ per bu. Soybeans in March added 6¾¢ to close at $11.79 per bu. March soybean meal rose $2 to close at $347.60 per ton. March soybean oil lost 0.18¢ to close at 45.41¢ per pound.

• Under continued pressure from last week's reports, U.S. stock markets faltered again on Tuesday, under pressure from tech giant Nvidia ahead of the company's earnings report, as investors ponder whether the artificial intelligence craze is here to stay. The Dow Jones Industrial Average fell 64.19 points or 0.17% to close at 38,563.80. The Standard & Poor's 500 fell 30.06 points or 0.60% to close at 4,975.51. The Nasdaq Composite lost 144.87 points or 0.92% to close at 15,630.78.

• US crude oil Prices were lower on Tuesday. The March-expiring light sweet West Texas Intermediate crude future fell $1.01 to close at $78.18 a barrel, while the April contract fell $1.42 to close at $77.04 a barrel.

• The US dollar index declined on Tuesday for the fourth time in a row.

• US gold Futures The price rose again on Tuesday as the dollar continued to depreciate. The February contract rose $16 to close at $2,027.50 an ounce.

Review of February 16th

• Wheat futures fell to new contract lows on Friday as continued pressure from weak export demand due to cheaper supplies from Russia and Ukraine, as well as prospects for higher U.S. production in 2024. Corn futures were mixed, mostly higher, and soybean futures posted slight gains after both hit three-year lows during the week on ample domestic and global supplies. The Corn in March Futures slipped 1¼¢ to close at $4.16½ per bu, but they were firmer in July and beyond. Chicago March wheat fell 6½¢ to settle at $5.60½ per bu. Kansas City March wheat fell 8½¢ to close at $5.67¼ per bu. Minneapolis march Wheat lost 3¼¢ to close at $6.54¾ per bu. Soybeans in March rose 10¢ to close at $11.72¼ per bu. March soybean meal rose $6.10 to close at $345.60 per ton. March soybean oil lost 0.41¢ to close at 45.59¢ per pound.

• US stock indices fell on Friday and ended the week with losses. Traders digested several bearish economic reports this week, including higher-than-expected inflation data (which will likely delay Fed rate cuts) and declining retail sales. The Dow Jones Industrial Average fell 145.13 points or 0.37% to close at 38,627.99. The Standard & Poor's 500 fell 24.16 points or 0.48% to close at 5,005.57. The Nasdaq Composite lost 130.52 points or 0.82% to close at 15,775.65.

• US crude oil Prices were higher on Friday. Light, sweet March West Texas Intermediate crude oil futures gained $1.16 to close at $79.19 a barrel.

• The US dollar index declined a third meeting on Friday.

• US gold Futures advanced again on Friday. The February contract rose $9.40 to close at $2,011.50 an ounce.

Review of February 15th

• Grain futures fell on Thursday after the U.S. Department of Agriculture forecast increased crop supplies for the 2024-25 marketing year amid slowing global demand for U.S. supplies. Both corn and soybean futures hit new three-year lows. Wheat futures in Kansas City and Minneapolis hit new contract lows, while the Chicago March contract settled at its lowest level since late November. The Corn in March The future fell 6½¢ for the second straight day to close at $4.17¾ per bu. Chicago March wheat fell 18½¢ to settle at $5.67 per bu. Kansas City March wheat fell 12¢ to close at $5.75¾ per bu. Minneapolis march Wheat lost 4½¢ to close at $6.58 per bu. Soybeans in March fell 8¼¢ to close at $11.62¼ per bu. March soybean meal fell $3.80 to close at $339.50 per ton. March soybean oil lost 0.35¢ to close at 46¢ per pound.

• U.S. stock indexes brushed off a disappointing retail sales report that highlighted weaknesses in consumer resilience to close higher on Thursday. The S&P 500 ended up hitting another all-time high, its eleventh record of the year. The Dow Jones Industrial Average rose 348.85 points or 0.91% to close at 38,773.12. The Standard & Poor's 500 gained 29.11 points or 0.58% to close at 5,029.73. The Nasdaq Composite rose 47.03 points or 0.30% to close at 15,906.17.

• US crude oil Prices were higher on Thursday. Light, sweet March West Texas Intermediate crude oil futures gained $1.39 to close at $78.03 a barrel.

• The US dollar index rejected again on Thursday.

• US gold Futures advanced Thursday. The February contract rose $11.80 to close at $2,002.10 an ounce.

Review of February 14th

• Wheat complex futures were lower again on Wednesday, hitting new contract lows after the value of the US dollar hit a three-month high during the trading session before ending the day in the red. Corn and soybean futures followed wheat futures' decline and fell to three-year lows, dragged further lower by fund selling and ample global inventories. The Corn in March The future fell 6½¢ to close at $4.24¼ per bu. Chicago March wheat fell 12¢ to settle at $5.85½ per bu. Kansas City March wheat fell 6¾¢ to close at $5.87¾ per bu. Minneapolis march Wheat lost 9¼¢ to close at $6.62½ per bu. Soybeans in March fell 15¾¢ to close at $11.70½ per bu. March soybean meal fell $1.50 to close at $343.30 per ton. March soybean oil fell 0.95¢ to close at 46.35¢ per pound.

• U.S. stock indexes on Wednesday recouped some of the losses suffered on Tuesday, largely due to higher-than-expected inflation data that was expected to slow or delay the Fed's interest rate cuts. Today, Treasury yields fell as traders tried to figure out when the Fed would start cutting rates and dip buyers were active. The Dow Jones Industrial Average rose 151.52 points or 0.40% to close at 38,424.27. The Standard & Poor's 500 gained 47.45 points or 0.96% to close at 5,000.62. The Nasdaq Composite rose 203.55 points or 1.3% to close at 15,859.15.

• US crude oil On Wednesday, prices reversed course after posting gains in the seven previous trading sessions. Light, sweet March West Texas Intermediate crude fell $1.23 to close at $76.64 a barrel.

• The US dollar index declined on Wednesday.

• US gold Futures were lower on Wednesday. The February contract lost $2.60 to close at $1,990.30 an ounce.

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