Corn up 3¢. Thursday, February 22, 2024

March corn is currently up 3½¢.

March soybeans are flat.

CBOT wheat is up 14½¢. KC wheat is up 12½¢. Minneapolis wheat is up 7¾¢.

This morning USDA announced a new export sale to China for a total of 126,000 metric tons of sorghum, to be delivered during the 2023/2024 marketing year.

“Corn prices hit a fresh three-year low overnight, as prices continue to slowly erode lower,” says Arlan Suderman, chief commodities economist for StoneX. “Managed money net short positions are approaching record territory in the grain and oilseed complex, despite geopolitical risks. Both Russia and Ukraine are dumping as much grain on the world market as they can, at whatever price it takes to move the grain, in order to pay for the war effort. This combines with cheap supplies coming from Brazil as well. The markets are generally oversold, and the geopolitical risks are real, but the point at which those dynamics will become a turning point where cheap prices generate demand is still yet unknown.

“We are seeing some increase in demand for corn and wheat at current price levels, but not enough to dramatically turn market sentiment. Meanwhile, this year’s weather pattern supports an early spring warmup, which is expected to result in farmers needing to move corn – especially any stored a little wetter than desirable – earlier than normal, adding pressure to the cash market. The farmer is generally undersold on corn and soybeans in both Brazil and in the United States.”

Crude oil is up 6¢.

S&P 500 futures are up 79 points. Dow futures are up 370 points.

Outside of the U.S., milling wheat is up on the MATIF exchange. Corn and No. 1 soybeans are up on the Dalian exchange while No. 2 soybeans are down.

Tags: live cattle, feeder cattle, lean hogs, corn, soybeans, wheat, futures