Corn and beans start day in the red. Thursday, January 25, 2024
March corn is down slightly this morning while March soybeans are down 14¾¢.
CBOT wheat is up less than a penny. KC wheat is up 5¢. Minneapolis wheat is up 2¾¢.
This morning USDA released the weekly Export Sales report. The Brock Report shared analysis:
“Net U.S. corn export sales for the week ended Jan. 18 came in at 39.1 million bushels (mil. bu.), including 37.6 million for 2023-2024 delivery, which is toward the low end of trade expectations that ran 29.5-55.0 mil. bu. and down from previous week’s sales of 50.1 million. The weekly sales total looks disappointing and may weigh on corn prices. Corn export sales for 2023-2024 to date of nearly 1.279 bil. bu. were still 35.1% above a year earlier….
“Net weekly U.S. soybean export sales came in at 20.6 mil. bu. below trade expectations that ran 25.5-45.0 mil. bu., and down from the previous week’s sales of 28.8 million. The poor export sales total is negative for soybean prices. U.S. soybean export sales for 2023-2024 to date totaled 1.707 bil. bu., 22.4% below a year earlier….
“Net weekly U.S. wheat export sales came in at 18.8 mil. bu., including 16.6 mil. for 2023-2024 delivery, compared with trade expectations that ran 7.5-25.5 mil. bu. and the previous week’s sales of 26.0 million. The export sales total looks neutral for wheat prices.”
Crude oil is up $1.05.
“WTI crude oil prices hit nearly eight-week highs early today following further escalation of geopolitical risks in the Middle East after two ships operating in the Red Sea by U.S. subsidiaries had to turn around after coming under fire from Houthi Rebels,” says Arlan Suderman, chief commodities economist for StoneX. “This also comes as Ukraine makes additional strikes on Russian oil and refinery infrastructure, and after U.S. crude oil inventories fell more than anticipated in the latest week’s data.”
S&P 500 futures are up 19 points. Dow futures are up 49 points.
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