Posted at 10:33 a.m. – March corn down 5 cents per bushel, March soybeans down 7 cents per bushel. May KC wheat is up 1/2 cent per bushel, May Chicago wheat is down 1 1/2 cents per bushel and May Minneapolis wheat is up 2 1/2 cents. The Dow Jones Industrial Average rose 274.15 points to 38,886.39, the US dollar index rose 0.020 to 104.02 and April crude oil rose $0.59 a barrel to $78.50. Corn just hit another new low in March at $4.05 1/2, while soybeans and soymeal are under heavy selling pressure and wheat markets are starting to pull back, with Chicago now trading lower.
Posted 08:34 – March corn is up 2 1/4 cents per bushel, March soybeans are down 3 cents per bushel. May KC wheat is up 13 3/4 cents per bushel, May Chicago wheat is up 12 3/4 cents per bushel and May Minneapolis wheat is up 11 1/4 cents. The Dow Jones Industrial Average rose 250.06 points to 38,862.30 and the US dollar index rose 0.070 to 104.08 and April crude oil fell $0.15 a barrel to $77.76. The USDA announced new sales of sorghum to China for 2023-24: sold 126,000 tons (5MB). The soy complex is slightly weaker and corn is trading just above flat after hitting another new contract low. All three wheat contracts have a very firm start.
Posted at 11:41 a.m. – April live cattle are down $0.73 to $186,975, March feeder cattle are up $0.10 to $251.45, April lean hogs are down $2.88 to 88, Up $85, March corn was down 3 cents a bushel and May soybean meal was down $4.60. The Dow Jones Industrial Average rose 301.17 points. Cash cattle trading remains very quiet with few bids currently on the table ($180 in Kansas; $290 in Nebraska). It looks like the significant trading volume could be delayed until sometime on Friday. Beef proportions are higher at midday (Selection 299.19 +1.39, Selection 285.69 +1.23) with light to moderate box movement (40 lds selected cuts, 12 lds selected cuts, 08 lds trim and 10 lds ground), with a Choice/choice margin of 13.50. Lunch pork cuts are 93.07, +2.90, with a total load of 113.69.
Posted 08:35 — April live cattle are stable, March feeder cattle are down $0.10 to $251.25, April lean hogs are up $0.35 to $86,325, March is Corn was up 2 1/2 cents per bushel and soybean meal was down $3.50 in May. The Dow Jones Industrial Average rose 236.32 points. The cattle market remains very quiet on Thursday morning, but demand from packers should improve throughout the day, although it is possible that significant trading volume will be delayed until Friday, possibly following the Cattle on Feed report. The CME Feeder Index for February 20, 2024 was up $0.01 at $242.66, the forecast CME Lean Hog Index for February 20, 2024 was up $1.17 at $77.97.
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