(Illustration by Nick Scalise)
Posted at 10:36 a.m. – The March corn price is down 5 1/4 cents per bushel and the March soybean price is down 9 1/2 cents per bushel. March KC wheat is down 14 3/4 cents per bushel, March Chicago wheat is down 17 3/4 cents per bushel and March Minneapolis wheat is down 9 3/4 cents. The Dow Jones Industrial Average rose 117.20 points to 38,166.33, the U.S. dollar index fell 0.230 to 103.34 and March crude oil fell $0.72 a barrel to $76.64. So far it's certainly a risk-free day for grains and soybeans to end the week. Favorable weather in South America, weak exports and rising harvest estimates as well as fund sales mean the week ends on a cloudy note. After seven higher closes in a row, Chicago March Wheat is leading the decline this morning.
Posted at 8:35 a.m. – March corn down 4 3/4 cents per bushel, March soybeans down 12 1/2 cents per bushel. March KC wheat is down 8 3/4 cents per bushel, March Chicago wheat is down 10 cents per bushel and March Minneapolis wheat is down 9 1/2 cents. The Dow Jones Industrial Average rose 21.35 points to 38,070.48, the U.S. dollar index fell 0.240 to 103.33 and March crude oil fell $0.23 a barrel to $77.13. The USDA announced a new sale of 100,000 tons of soybean cake and meal to undisclosed destinations in 2023-24. The grain and soy markets continue to be under very strong selling pressure at the weekend. The mostly bearish South American weather and declining export sales as well as further fund sales are weighing on futures.
OMAHA (DTN) – April live cattle are up $0.18 at $180,875, March feeder cattle are up $0.05 at $238,225, April lean hogs are up $0.18 at $82,725, corn is down 5 cents per bushel in March and soybean meal down $5.10 in March. The Dow Jones Industrial Average rose 48.84 points. Livestock contracts continue to increase as the market continues to see strong demand from consumers. Some further sales are expected in the cash catering market, but prices are likely to remain in line with the weekly average.
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