Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Updated crop and rangeland damage estimations for 2023 reveal the significant impact of natural disasters on domestic farm production.
Corn and wheat rallied on end of month profit taking by the speculative traders, while soybeans and cattle faltered. Arlan Suderman with StoneX has details.
USDA Secretary Tom Vilsack has been advocating for a policy that would allow corn-based ethanol to qualify as a feedstock for sustainable aviation fuel (SAF) credits.
Corn closes higher with China talk but is the market finally bottoming? Matt Bennett, AgMarket.Net, provides insight.
AgDay TV Markets Now: Matt Bennett, AgMarket.Net, says corn is up for a third day despite a down day in wheat. Is it bottoming action and what kind of recovery rally can we expect?
USDA now forecasts fiscal year (FY) 2024 ag exports at $170.5 billion, up $1.0 billion from the November forecast.
AgDay TV Markets Now: Allison Thompson Discusses if Wheat is Bottoming and Can Lead Row Crops Higher
AgDay TV Markets Now: Allison Thompson with The Money Farm discusses if wheat is bottoming, and it can pull corn and soybeans higher?
In 2023, Mexico, the largest importer of U.S. corn, banned the use of genetically modified (GM) corn for human consumption, prompting a trade dispute with the United States.
Food price inflation is back in the outlook for all food, food at home (grocery) and food away from home (restaurant) prices in 2024, according to the latest update from USDA.
Grains up with corn above $4. Will the recovery rally hold or be sold? The wheat market extends last week’s gains. Plus, live cattle shake off the COF report. Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.
AgDay TV Markets Now: Tomm Pfitzenmaier, Summit Commodity Brokerage, says the question after Monday’s recovery rally is “Will it hold or be sold?”
Corn makes contract lows on selling before March delivery. Wheat and beans are oversold and try to bounce off new lows. Profit taking in cattle post the COF report. Allison Thompson, The Money Farm, has more.
The Financial Crimes Enforcement Network (FinCEN) is proposing a new requirement for certain financial entities, like title companies, to report cash purchases of residential real estate.
At least three U.S.-bound cargo ships are preparing to load with soybeans at two ports in Northern Brazil, according to shipping lineup data seen by Reuters.
AgDay TV Markets Now: Tommy Grisafi says old crop corn closes below $4 and may still not be low enough with the current ending stocks.
So, will the farmer selling dry up next week or will the funds take their foot off the accelerator? Grisafi says, “If the funds are still adding to their short position this could get really ugly.”
Some fields have a spot that consistently does not produce, but don’t ignore those acres. If 156 acres average 200 bu. per acre, but 4 acres average 20 bu., the yield on the 160-acre field drops to 195.5 bu. per acre.
Grains see fund and farmer selling and weekly exports were weak in soybeans & wheat. Cattle rally heading into the COF report, hogs also see new near term highs w/higher cash. Kent Beadle, Paradigm Futures, has more.
El Niño persists, although a steady weakening trend is evident in the oceanic indicators, according to the Australian Bureau of Meteorology.
AgDay TV Markets Now: DuWayne Bosse says the funds aren’t the only ones selling in the grain markets and pushing priced down.
EPA announced it will allow Midwest states to request year-round availability of E15 fuel starting in 2025.
Corn & beans make more new lows and it’s not just fund selling. Wheat erases early gains as well. Live cattle reverse off near term highs pre-COF, hogs close above resistance. DuWayne Bosse, Bolt Marketing, has more.
Cattle hit new near-term highs on any pullback. Hogs higher pushed by cash. Corn bounces off contract lows following wheat. Soybeans struggle with better SA weather. Sott Varilek, Kooima Kooima Varilek, has more.
Mexico will continue to buy corn from the U.S. for livestock feed and industrial use, despite the ongoing formal dispute over its ban on imports of genetically modified (GM) corn for human consumption.
Matt Bennett, AgMarket.Net, says, “When we get down to these levels, I look at what kind of psychological support might be around $4? I personally don’t think you break $4 this early in the growing season.”
Grains end lower on profit taking and farmer selling before the end of the month. Cattle make new highs for the move but are the bulls too optimistic about the CoF Report? Matt Bennett, AgMarket.Net has insight.
Brazil’s biodiesel mandate will increase to 14% (B14) on March 1, and 15% (B15) in 2025. That’s already having an impact on Brazil’s domestic soyoil market.
Grains are not able to extend Tuesday’s gains with profit taking and farmer selling, plus rain chances in Argentina. Cattle are strong heading into the COF. Randy Martinson, Martinson Ag, has more.
AgDay TV Markets Now: Arlan Suderman, StoneX, explains what drove the rare grain rally on Tuesday, especially in wheat.
The company, owned by Shell Plc and Cosan SA, sees economic sense in producing SAF in Brazil given it requires such large volumes of the feedstock.