MarketEdge PM Comments

Feb 14, 2024

(Allison Ryan)

Grains were down across the board. Nearby corn was down 6½ and December was down 5½. March beans were down 15¾ and new crop was down 10¼. Wheat was also down double digits.

  • We saw some anticipation of the USDA’s Ag Outlook Forum, which is released tomorrow; trade estimates include 91.8 mil acres of corn planted, with a trendline yield above 180 and a carryout of 2.6 bil bushels
  • We established new contract lows in the corn market in response; the funds are closing in on their record short established back in 2019
  • Ethanol numbers were strong, and inventory was up 4% this past week
  • Bean estimates for tomorrow’s report are 86.5 mil acres, with a trendline well above 50 and carryout around 400 mil bu; we took out some key support of 11.79 on the nearby trade month
  • South America weather looks favorable enough at this point, it’s not providing any support in this market
  • The Dow was higher, crude was down and the Dollar was softer

Have a great evening.

Read More News

Mar 05, 2024
Corn and soybean futures were lower overnight.
Mar 01, 2024
Corn futures were lower and soybean futures were higher overnight. 
Feb 29, 2024
Corn and soybean futures were lower overnight.