Grain Market Update: Corn Edges Up, Soybeans Hold Steady
March corn finished the day with a modest gain of 1½¢, boosted by strong export sales that surpassed expectations. Soybeans, however, closed the day down slightly, unable to maintain overnight gains, despite solid export figures and a notable sale to China.
CBOT wheat saw a robust increase of 7¾¢, with Minneapolis wheat up 7½¢ and KC wheat up 2¾¢. The corn market experienced positive momentum from the export sales news, although it retraced 4¢ from the day's peak.
The Grain Market Insider newsletter from Stewart-Peterson Inc. highlighted the corn market's search for positive news, and while export sales provided a lift, corn futures relinquished a portion of their gains by settling 4¢ below the day's high.
Soybeans faced pressure from weaker products, resulting in a fractional decline. Despite the setback, soybeans minimized losses with export sales meeting expectations, including the first flash sale in a month amounting to 11.6 million bushels to China.
In the livestock sector, live cattle dropped by 45¢, feeder cattle by 60¢, and lean hogs by 35¢. Crude oil experienced a decline of 32¢.
Meanwhile, S&P 500 futures were up 62 points, and Dow futures gained 419 points.
Published: 3:52 p.m. CST
Midday Snapshot: Grains Maintain Positivity
Midway through the day, grains continued to show positive signs:
- March corn was up 1¼¢.
- March soybeans saw an increase of 2½¢.
- CBOT wheat rose by 8½¢, while KC wheat increased by 3¼¢, and Minneapolis wheat by 5¼¢.
Livestock prices experienced declines, with live cattle down 40¢, feeder cattle down 73¢, and lean hogs down 38¢. Crude oil also saw a decrease of 56¢.
The U.S. Dollar Index March contract was down at 103.14. S&P 500 futures were up 37 points, and Dow futures gained 244 points.
Published: 12:19 p.m. CST
Morning Update: Soybeans Lead the Way
Starting the day with positive movements:
- March corn showed a gain of 3¢.
- March soybeans led with an increase of 12¼¢.
- CBOT wheat rose by 11¼¢, while KC wheat gained 9¾¢, and Minneapolis wheat increased by 9½¢.
The USDA's weekly Export Sales report revealed notable figures:
- Corn exports exceeded expectations at 1.25 million metric tons.
- Wheat exports were substantial at 707,600 metric tons.
- Soybeans sales were decent at 781,300 metric tons, along with a new sale announcement to China for 297,000 metric tons.
Livestock prices experienced declines in the morning, with live cattle down 28¢, feeder cattle down 5¢, and lean hogs down 33¢. Crude oil saw an increase of 55¢.
S&P 500 futures were up 8 points, and Dow futures gained 19 points.
Published: 9:04 a.m. CST
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