MarketEdge PM Comments

(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.