Corn up 4¢. Tuesday, February 13, 2024
March corn is up 4¢ this morning.
March soybeans are up 1¼¢.
CBOT wheat is up 4¾¢. KC wheat is down 1¼¢. Minneapolis wheat is down 5¢.
“Eyes remain on the Southern American forecast which is not overwhelmingly wet or dry moving forward,” says Jeremy McCann, account manager with Farmer’s Keeper. “With our large corn carryout on hand that could lead to finding yet another low in the short term. In addition to that ‘bearish leaning’ forecast, estimates for Brazil’s second corn crop have increased due to an increase in planted acres according to AgRural. Another blow to the corn market as we continue to keep falling in price.
“Soybeans on the other hand have shown more promise over the past couple of trading periods and we could establish support at these levels if we continue to trim soybean production estimates from Brazil. That will remain to be seen though as the funds are still very net short in the soybean market.”
Live cattle are down 50¢. Feeder cattle are also down 50¢. Lean hogs are down 28¢.
Crude oil is up 39¢.
S&P 500 futures are down 76 points. Dow futures are down 553 points.
Milling wheat is up on the MATIF trade. Corn is down on the Dalian exchange while soybeans are mixed.
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