MarketEdge PM Comments

Feb 22, 2024

(Sam Bair)
Good evening, Grains finish lower today after the close, after starting slightly higher this morning.  March Corn futures are down 5^0 closing at 406’0, and Dec 24 corn futures are down 4^0 closing at 453^2. March Bean futures are down 13^0 closing at 1147’6, and Nov 24 bean futures are down 10’6 closing at 1135^0.
  •  There was a flash sale of 126,000 MT of Sorghum to China this morning, but that did not help add any support in grains today.
  •  March Corn futures made a 3 year low for corn, trading as low as 4.0425.
  • The US approves E15 gasoline expansion starting in 2025, that allows for more sales of gas with higher blends of ethanol throughout the Midwest.
  • Ethanol production stays on pace from the previous weeks coming in at 1.0 mil barrels per day.
  • Ethanol stocks decline from 25.8milon to 25.5mil barrels.
  • Lack of fresh, positive news helped keep markets lower.
  • Remember to Set or roll your HTAs and Basis contracts with the March expiration date coming up.
  • Livestock finish mixed as hogs close higher and cattle close in the red.  
  • The S&P 500, Nasdaq, and the Dow Jones Index finish higher, and the US dollar all closes lower.
 Have a great night.

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