MarketEdge PM Comments

Jan 26, 2024

(Taylor Bensenberg)

(Taylor Bensenberg)

Good afternoon,
Markets couldn't keep the positive momentum heading into the weekend. March corn closed down 5 ½ at 4.4625 and May closed down 5 ½ at 4.5575. March beans closed down 13 ¾ at 12.0925 and May beans closed down 14 cents at 12.1625.
  • Corn and beans are being pressured by improving Argentine crop conditions and Brazil planting pressure
  • Exports typically rise in late February... we will have to see if U.S. corn is competitive enough to attract Chinese buyers from Brazil
  • A flash sale of 100,000 MT of bean cake and meal was announced this morning
  • China announced that its pig herd fell 4.1% at the end of 2023 from a year ago to 434.22 million heads and the sow herd fell 5.7% to 41.42 million heads
    • Feed costs are higher
    • Hog prices are lower
    • Consumer demand isn't there
  • The Dow closed up 21 points, energy markets closed up, and the U.S. Dollar softened
Have a great weekend!

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