MarketEdge PM Comments

Feb 01, 2024

(Sam Bair) 

Good evening- new month, new money? Grains finish mostly lower today giving much of the gain back from yesterday.  March Corn futures are down 1^0 closing at 447^2, and Dec 24 corn futures are down 1^0 closing at 479^0. March Bean futures are down 19^0 closing at 1203^2, and Nov 24 bean futures are down 14’2 closing at 1185^4. Wheat finishes higher after the day session.  

  • Last week’s new crop export sales -  

Corn within expectations, strong at 1.2MMT (800- 1300MMT estimated) 

Beans were well under expectations at 164,500 MT (500-1150MMT estimated)  

  • The little amount of bean sales weighed heavy on the futures market today.  

  •  There was a flash soybean sale of 206k tons to China this morning.    

  • The USDA released its bi-annual cattle inventory recap, ‘All Cattle/Calves’ are at the lowest number since 1951, and beef cows are at the lowest numbers since 1961.  

  • Oil Prices were down 2% today after rumors of a ceasefire between Israel and Hamas spread. 

  • US Feds left rates steady after meeting this week and are now hinting that they and the ECB may lower rates around mid-year. 

  • The February WASDE Report will be released a week from today! 

  • Livestock finish mixed as hogs close lower 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

Feb 26, 2024
Corn and soybean futures finished the overnight session mixed.
Feb 23, 2024
March corn closed down 6 ¼ at 3.9975 and May corn closed down 5 at 4.1350.
Feb 23, 2024
Corn futures were slightly higher and soybean futures were lower overnight.