(Illustration by Nick Scalise)
OMAHA (DTN) – March corn fell 1/2 cent per bushel, March soybeans fell 1 3/4 cent per bushel. March KC wheat is down 9 1/2 cents per bushel, March Chicago wheat is down 9 1/2 cents per bushel and March Minneapolis wheat is down 5 1/4 cents. The Dow Jones Industrial Average rose 73.45 points to 38,497.72, the U.S. dollar index fell 0.470 to 104.26 and March crude oil rose $0.34 a barrel to $76.98. Corn and wheat markets once again hit new early contract lows as bearish momentum continues. Undoubtedly, funds are increasing their bearish bet on the markets as the fund's net short is at or near a record level. The USDA Ag Outlook estimates painted a bearish picture, as predicted, particularly for corn and beans, but it is a guessing game.
Posted 08:34 – April live cattle are down $0.20 to $183.8, March feeder cattle are down $0.63 to $245.6, April lean hogs are down $0.60 to $85,125 increased, March corn was down 1/2 cent per bushel and March soybean meal was down $0.70. The Dow Jones Industrial Average is up 14.00 points. 2024 beef net sales of 16,600 tons were 19% below the previous week and 18% below the previous 4-week average. The three main buyers were Japan (4,100 tons), China (3,700 tons) and South Korea (3,200 tons). Net sales of 71,900 mt of pork in 2024 were 83% higher than the previous week and well above the previous 4-week average. The three main buyers were Mexico (25,000 tons), China (19,500 tons) and Japan (9,100 tons).
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