Corn and Wheat Stabilize While Soybeans Retreat
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Corn
Corn futures continued to consolidate in today’s trade as the Bulls and Bears fought over good export sales and a sagging soybean market. At the close March futures were a penny lower to settle at 447 1/4. December futures were also a penny lower, settling at 479.
This morning’s weekly export report came in strong at 1,206,700 MT (47,505,667 bushels) for 23/24 were up 26% from the previous week and 58% from the prior 4-wk avg.
Soybeans
Soybeans had an encouraging versal higher in yesterday’s trade which raised hopes for the Bulls, only to be smothered back down to reality in today’s trade. At the close March soybean futures were 19 cents lower to settle at 1203 1/4. New crop November beans were 14 1/4 cents lower to 1185 1/2.
Disappointing was an understatement for this morning’s weekly export sales report which were reported at 164,500 MT (6,044,338 bushels) –a marketing-year low– down 71% from the previous week and 64%from the prior 4-wk avg.
86% of Argentinas crop is rated fair, good, or excellent, that’s down from 92% last week. Hot and dry conditions are expected to persist through February 7th.
Wheat
Chicago wheat futures were the bright spot today, reversing roles from the previous two sessions. At the close March futures were 6 1/4 cents higher to 601 1/2.
This morning’s weekly export sales report came in at 322,500 MT (11,849,843 bushels) for 23/24 were down 29% from the previous week and 9% from the prior 4-wk avg.
Cattle
Can’t stop. Won’t stop. That’s the mantra of the cattle market recently and was emphasized with today’s trade. At the close April live cattle futures were 2.47 higher to 183.175. March feeder cattle finished the day 4.72 higher to 244.87.
Yesterday’s biannual cattle inventory certainly aided in some of today’s strength as it was slightly more bullish than expected. Rumors of cash trade developing in Texas as 178 also added a tailwind to prices. Weekly export sales were reported at 16,700 metric tons.
Lean Hogs
April lean hog futures finished the day 1.07 lower to 83.75, this despite solid export data. Weekly export sales were reported at 42,900 metric tons.
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