Posted at 10:34 a.m. – In mid-morning trading, March corn is down 2 1/4 cents per bushel, March soybeans are down 5 3/4 cents, March KC wheat is down 3 cents, Chicago wheat is down 3 cents March is down 3 1/4 cents and March Minneapolis wheat is up 1 3/4 cents. The Dow Jones Industrial Average is up 141.72 points and crude oil is up $1.10 a barrel in March. The US Dollar Index is down 0.280 and gold is up $6.80 an ounce in April. Losses in corn and soybeans widened this morning, losses in winter wheat were narrowed, while spring wheat is attempting a turnaround after hitting a new contract low overnight. USDA's February 8 weekly export sales report shows weekly shipments of soybeans above the volume needed for the week to meet the USDA's current export demand forecast, while shipments of corn and wheat were below needed volume. Total commitments for the marketing year as of Feb. 8 are above the USDA estimated pace for wheat and corn, while below the USDA estimated pace for soybeans.
Posted at 8:37 a.m. – March corn down 1/2 cent per bushel, March soybeans down 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 at 11:29 a.m. – April live cattle are up $1.23 to $185,225, March feeder cattle are up $0.75 to $246,975, April lean hogs are up $1.08 to $85.6 rose, March corn fell 3 cents per bushel and March soybean meal fell $3.30. The Dow Jones Industrial Average rose 206.77 points. Cash bids are currently being offered in Nebraska at $287 to $290, but no cattle have been sold. There was little movement on Wednesday, meaning feedlots were still seeing price fluctuations.
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).
(c) Copyright 2024 DTN, LLC. All rights reserved.
Comments are closed.