Thursday's Closing Market Prices
Mar. corn closed at $7.24 and 1/4, up 3 and 1/2 cents
Mar. soybeans closed at $14.35 and 1/4, down 1 and 3/4 cents
Mar. soybean meal closed at $414.70, down $1.80
Mar. soybean oil closed at 52.11, up 8 points
Mar. wheat closed at $7.68 and 1/2, down 6 and 1/4 cents
Feb. live cattle closed at $125.87, up 10 cents
Feb. lean hogs closed at $87.05, up $1.07
Mar. crude oil closed at $95.95, up 72 cents
Mar. cotton closed at 82.89, up 241 points
Feb. Class III milk closed at $17.12, down 9 cents
Feb. gold closed at $1,669.90, down $16.80
Dow Jones Industrial Average: 13,825.33, up 46.00 points
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Market News and ReCap
Soybeans were mostly lower on speculative and commercial selling. Farmer selling has increased in some areas after the recent gains and near term weather conditions around most of South America look good. However, demand also continues to look favorable with China buying 510,000 tons and unknown picking up 113,000 tons of new crop U.S. beans. Soybean meal was mixed, pretty much mirroring beans, and oil was up modestly on technical buying. USDA’s weekly export sales report is out Friday at 7:30 AM Central. Soybeans are pegged at 700,000 to 1.2 million tons, meal is seen at 150,000 to 300,000 tons, and oil is placed at 15,000 to 30,000 tons.
Corn was mostly lower on technical selling, along with spillover from beans. The South American weather also bearish for corn and there’s not much fresh buying interest from investment funds. That said – the near term supply remains extremely tight and the commercial demand projections look strong, supporting nearby March and May contracts. Ethanol futures were higher. Weekly U.S. corn sales are expected to be between 150,000 and 350,000 tons.
The wheat complex was lower on technical and fund selling. Japan did buy 55,512 tons of U.S. milling wheat, but they also bought from Canada and Australia, and in any event, the amount is considered routine. By class, Tokyo picked up 40,190 tons of Canadian western red spring, 27,317 tons U.S. dark northern spring, 26,085 tons Australian standard white, 13,495 tons U.S. hard red winter, and 11,700 tons U.S. western white. Still, large parts of the U.S. Plains remain locked in drought and could stay that way headed into spring as the winter crops come out of dormancy. European wheat was lower, following the U.S. trade. Taiwan is tendering for 78,700 tons of U.S. wheat. Weekly U.S. wheat sales are estimated at 300,000 to 550,000 tons.
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