March corn ended the day up 1.5 cents.
March soybeans closed at 9.5 cents.
CBOT wheat is up less than a penny. KC wheat fell 2¾¢. Minneapolis wheat fell 1¾¢.
“Following last week’s close, the low-crop market appears poised for another drop, continuing to leave traders wondering where the bottom lies,” the Comstock report said. There is. “We’re not out of the woods by any stretch of the imagination, but it was good to see both corn and soybeans post positive trades today.
“With most of South America and Southeast Asia on holiday this week, grain volume is extremely thin. Traders are now waiting to see how long their money will continue to hold this large net short position in grains. If they decide to liquidate, the stock price will rise significantly, but what will be the trigger? Of course, no one can answer that question definitively, but such It seems like the price level will quickly run out of willing sellers. Production forecasts remain the biggest wildcard, with escalating tensions in the Black Sea a close second. ”
Last week, in its February World Agricultural Supply and Demand Estimates (WASDE) report, the USDA lowered its forecast for Brazil’s soybean harvest by 1 million tonnes to 156 million tonnes. The Comstock report today argues that larger cuts would have been more appropriate.
“The Department of Agriculture did not participate in the Comstock crop tour to Brazil, and it showed,” the report states. “…USDA is a lagging indicator, much like a 100-day moving average signal. This is good because it lags most private estimates by about 100 days. Interestingly, the demand for higher yields They found that Argentina’s production was also maintained, despite the fact that the I think that’s what I’m doing. ”
Live cattle are down 80 cents. Feeder cattle rose $1.68. Lean pork fell 3¢.
Crude oil rose 24¢.
S&P 500 futures fell 2 points. Dow futures rose 119 points.
Release date: 2:51pm (CST)
Corn up almost 2 cents at noon: 11:56 a.m. CST
March corn is currently up 1¾¢.
March soybean prices rose by 9¾¢.
CBOT wheat rose 4¾¢. KC wheat rose 3¢. Minneapolis wheat is up less than a penny.
“Corn closed below the $4.30 level on Friday and remains on either side of that level today, but it remains relatively low at 5 cents,” Stewart Peterson’s Grain Market Insider Newsletter said. “It’s in a narrow trading range.” To determine which numbers to trade, USDA and Conab, Conab lowered Brazil’s output last week than USDA.
“Both Brazil and Argentina are expected to experience significant rain this week. This could continue to put pressure on the overall soybean market, especially as recent rains in Argentina have contributed to crop stability. is high.”
Livestock is mixed at noon. Live cattle are down $1.10. Feed cattle rose 75 cents. Lean pork fell 30 cents.
“After years of shedding in the industry, the industry will continue to face a shortage of lightweight cattle,” said Arlan Suderman, chief commodity economist at StoneX. “Supply is expected to become even tighter as the rebuild has not yet begun. Last week’s cattle slaughter totaled 622,000 head. This week packers have slowed the chain down a bit to allow for tighter processing. “Margins are shrinking and product supply is tight. The winter storm that hit the southern Plains over the weekend will also negatively impact performance in the Southwest feedlot region. .Therefore, a reduction in chain speed does not necessarily have a negative impact on cash prices.”
Crude oil fell 5 cents.
S&P 500 futures rose 16 points. Dow futures rose 181 points.
Published: 11:56 AM CST
Soybeans 9¢ up: 9:38 am CST
The price of March corn this morning is less than a penny.
March soybeans rose 9¢.
CBOT and Minneapolis Wheat are down less than a penny. KC wheat is up less than a penny.
Live cattle increased in price by 25 cents. Feeder cattle rose $1.98. Lean pork fell 38¢.
Crude oil fell 2¢.
The dollar index for March contract has risen to 104.13.
S&P 500 futures rose 1 point. Dow futures rose 19 points.
Published: 9:38am (CST)
