MarketEdge PM Comments

Feb 15, 2024

(Sam Bair)
Good evening, Grains finish lower today after the close.  March Corn futures are down 6^4 closing at 417’6, and Dec 24 corn futures are down 7^4 closing at 456^6. March Bean futures are down 8^2 closing at 1162’2, and Nov 24 bean futures are down 14’2 closing at 1140^6. Wheat finishes much lower after the day session, down 14-18 cents.

  • USDA Ag Outlook forum predictions for 24 /25 crop year-
Corn- 91mil acres planted            181 BPA             2.53 Bln Bu Carryout
Beans- 87.5mil acres planted         51 BPA             .435 Bln Bu Carryout
  • Last week’s new crop export sales -
Corn within expectations, strong at 1.3 MMT (800- 1500MMT estimated)
Beans were on the lower end of expectations at 353,800 MT (300-800 MT estimated)
  • The NOPA announced that January Soybean crush was at 185.8 mil Bu, 4million lower than the average trade guess.
  •  Bean oil stocks for January came in at 1507 mil lbs above trade estimates.
  •  With todays continued fall, made new lows for some futures contracts including the nearby March corn contracts.
  • Livestock finish higher as hogs and cattle close in the green.
  • The S&P 500, Nasdaq, and the Dow Jones Index finish higher, and the US dollar all closes lower.

Have a great night.

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.