CME GRAINS: Corn: $4.485 (-0.04); Wheat: $6.13 (+0.1025); Soybeans: $11.815 (-0.005); Soybean Meal: $349.20 (+3.10) (VIEW COMMODITY QUOTES)
National Corn Wire
ENERGY PRICES: Crude Oil: $82.86 (-0.50); Ethanol: $1.71 (-0.005); Natural Gas: $1.647 (-0.165) (Crude Prices Settle Lower on Dollar Strength and Easing Iran-Israel Tensions)
Market Update
Short-Range Weather Forecast: The calm weather pattern that has been prevalent across the nation is set to change as a developing upper trough over the western U.S. introduces a severe weather setup ideal for spring across the central and southern Plain
Weather
Gas prices down up 4 cents this week to $3.67, up $0.01 from last year. Diesel prices down 2 cents this week to $3.99, down $0.09 from last year
Cash Prices
USDA GRAIN STOCKS REPORT: Corn stocks in all positions on March 1, 2024 totaled 8.35 billion bushels, up 13 percent from March 1, 2023
Market Update
DROUGHT MONITOR: Amidst the wild and devastating weather week, drought mostly held at status quo. The West saw some improvements, and the Southern Plains saw degradations, with mostly small changes elsewhere (VIEW REPORT)
Weather
DAILY EXPORT SALES: Private exporters reported sales of 128,000 metric tons of soybeans for delivery to Mexico during the 2022/2023 marketing year
Exports
CORN MARKETS: The March contract made a new low yesterday, but didn’t see enough weakness for a new low overnight. The March contract does have four consecutive lower highs, so there is still no indication of a change in trend, or even a bottom (Schwieterman)
NBW Market Commmentary
BEFORE THE BELL: Nasdaq futures slid over 1% as rising AI cost projections from tech giants Alphabet and Microsoft disappointed investors, driving a slide in mega-cap and chip stocks, while all eyes were on the Federal Reserve's policy decision expected later in the day (Reuters)
Market Update
NATURAL GAS: The Henry Hub spot price fell 36 cents from $3.23 per million British thermal units (MMBtu) last Wednesday to $2.87/MMBtu yesterday. The Henry Hub price reached a high of $13.08/MMBtu last Friday, the highest daily closing price since February 2021, reflecting a run-up in prices observed across the country that day
Cash Prices
GRAIN TRENDS (Short Term/Long Term): CORN: Down/Down; WHEAT: Down/Down; SOYBEANS: Down/Down
National Corn Wire
OILSEED OUTLOOK (WASDE): Total U.S. oilseed production for 2023/24 is forecast at 121.5 million tons, down slightly due to a reduction for cottonseed. Soybean supply and use projections for 2023/24 are unchanged from last month
National Soybean Wire
USDA CROP PRODUCTION COMMENTS: The predicted production for soybeans in 2023 is 4.13 billion bushels, a 1 percent increase from the previous estimate but a 3 percent decrease from last year.
Market Update
Swiftly rising interest rates have led to two main problems for banks that failed to properly factor in this risk: (1) the value of their assets (think: bonds, loans, investments) fell as rates rose, and (2) customers withdrew more idle cash from their accounts in favor of higher-interest investments (Robinhood)
NBW Market Commmentary
Mortgage rates in the US faced the biggest weekly decline in nearly 41 years, providing some relief after a rapid run-up that quickly priced out homebuyers. The average rate for a 30-year fixed mortgage was 6.61%, the lowest level in almost two months (Bloomberg)
Market Update
OIL CROPS OUTLOOK (Domestic): Despite a strong start to the 2020/21 soybean meal marketing year, meal exports waned over the summer even though prices fell (VIEW REPORT)
National Canola Wire
OIL CROPS OUTLOOK (International): Throughout September, Argentina received some much-needed rainfall in the northeast region of the country (VIEW REPORT)
Ag Reports: Most Recent