March corn fell 5.5¢ to end the day at $4.461/4. This is the lowest price since Monday.
March soybeans closed 13¾¢ lower at 12.091/4. This is the lowest closing price for March soybeans since last Wednesday.
CBOT wheat closed 12 cents lower. KC Wheat fell 12¢. Minneapolis wheat fell 5¢.
The livestock finished the week in the green. Live cattle are up 73¢. Feeder cattle rose $1.53. Lean pork increased by 63¢.
Crude oil rose 66¢.
S&P 500 futures fell 2 points. Dow futures rose 50 points.
Published: 2:30pm (CST)
Corndown 5 cents at noon: 11:48 a.m. (CST)
March corn is down 5¾¢ as of midday.
March soybeans fell 12¾¢.
CBOT wheat fell 15¾¢. KC Wheat fell 13¢. Minneapolis wheat fell 6¾¢.
Stewart Peterson & Co.'s Grain Market Insider Newsletter said: “Corn is lower today as weather in South America improves slightly towards the end of the month. Export demand has rebounded but traders remain hopeful. “It's lower than it used to be,” he said. .
Live cattle are up 88¢. Feeder cattle increased $2.95. Lean pork is 50 cents more expensive.
Crude oil fell $1.15.
The US dollar index for March contract fell to 103.22.
S&P 500 futures fell 6 points. Dow futures rose 37 points.
Published: 11:48am CST
Grains ended the week in the red: 9:48 a.m. CST
March corn was down five and a half cents this morning.
March soybeans fell 9¢.
CBOT wheat fell 17¢. KC Wheat fell 13 cents. Minneapolis wheat fell 9¢¢.
“Overnight, this week's rally in commodity prices took a headwind as speculative funds stepped in to protect rather than exit short positions,” said Arlan Suderman, chief commodities economist at StoneX. “I believe this week that the rise in food and energy commodities has little to do with changes in fundamentals, with both end users and speculators growing uncomfortable with these low price levels and the huge size of the market. Short positions, particularly in the grains and oilseeds complex, have increased during periods of heightened geopolitical risk, raising the possibility of panic unwinding of speculative shorts. One headline concerned me.
“Much of that geopolitical risk was tied to cargo risks in the Red Sea, where Houthi rebels are attacking ships using the Suez Canal. Concerns were allayed a little by reports that China had requested cooperation from the European Union, which was having a negative impact on trade between Europe and the Black Sea region.
Naomi Blohm, senior market advisor at Total Farm Marketing, said this morning that the grain market was on the rise this morning as Argentina raised the estimated size of its soybean harvest to 52.5 million tons before the start of trading at 8:30 a.m. CST. He said the market was going down.
On a positive note, the Department of Agriculture announced new export sales this morning. He is purchasing 100,000 tonnes of soybean meal and soybean meal for delivery during the 2023/2024 marketing year, although the destination is unknown.
Unlike grains, livestock are in the green. Live cattle are up 98¢. The feeder cow he raised $1.00. Lean pork prices increased by 5 cents.
Crude oil rose 13¢.
S&P 500 futures rose 4 points. Dow futures rose 104 points.
Published: 9:48am CST
