MarketEdge PM Comments

(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.