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.
Have a great weekend!
(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!