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

Mar 05, 2024
Corn and soybean futures were lower overnight.
Mar 01, 2024
Corn futures were lower and soybean futures were higher overnight. 
Feb 29, 2024
Corn and soybean futures were lower overnight.