CME GRAINS: Corn: $4.6025 (+0.005); Wheat: $6.225 (+0.1825); Soybeans: $12.15 (+0.16); Soybean Meal: $372.20 (+7.30) (VIEW COMMODITY QUOTES)
National Corn Wire
STOCK UPDATE: Dow 30: 38,675.68 (+450.02); Nasdaq: 16,156.33 (+315.37); S&P 500: 5,127.79 (+63.59) (Stocks Close Higher As The Outlook Improves For Fed Rate Cuts)
Market Update
ENERGY PRICES: Crude Oil: $78.11 (-0.84); Ethanol: $1.745 (+0.005); Natural Gas: $2.142 (+0.107) (Easing Geopolitical Risks in the Middle East Weigh on Crude)
Market Update
U.S. EXPORT SALES: Beef sales of 22,500 MT for 2024--a marketing-year high--were up 48 percent from the previous week and 38 percent from the prior 4-week average
Market Update
Short-Range Weather Forecast: A Slight Risk (level 2 of 4) of Excessive Rainfall has been issued for portions of the Texas and Louisiana coast. A strong Pacific storm will impact the Pacific Northwest and Great Basin Friday through the weekend
Weather
Gas prices down 2 cents this week to $3.65, up $0.05 from last year. Diesel prices down 4 cents this week to $3.95, down $0.07 from last year
Cash Prices
CORN PLANTING PROGRESS: U.S. at 27%; Iowa at 39%; Kansas at 39%; Missouri at 63%; Texas at 71%; Ohio at 6%
US Cattle Report by National Beef Wire
COTTON PROGRESS: 54% of the cotton in the U.S. had been planted by May 22nd, compared to 37% last week and 47% last year
National Cotton Wire
AMARILLO WEATHER: Scattered showers and thunderstorms, then showers and possibly a thunderstorm after 8am. High near 52. Northeast wind 10 to 15 mph increasing to 15 to 20 mph in the afternoon. Winds could gust as high as 30 mph. Chance of precipitation is 90%. New rainfall amounts between a half and three quarters of an inch possible (NWS)
Weather
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
USDA CROP PRODUCTION: Corn production for grain is forecast at a record high 15.2 billion bushels, up 1 percent from the previous forecast and up 11 percent from 2022
WASDE
DROUGHT MONITOR: Drought coverage across the U.S. and Puerto Rico topped 40% (40.01%) for the first time since late September and for the fifth time in 2021. The lowest percentage of drought coverage across the U.S. & P.R. so far in 2021 occurred in late May (36.3%)
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
DROUGHT MONITOR: It’s hot and dry in the Southwest. Exceptional drought (D4) has developed or expanded in parts of Utah and New Mexico. Meanwhile, most states in the West and Great Plains saw improvements, except for areas of Montana and Texas
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
Nearly all the indicators released in recent weeks tell the same story: evaporating inflation alongside still-humming economic activity. "We looked historically: We've never had a year where inflation has declined this fast while the economy has grown above trend, and unemployment has remained stable at a low rate." (Axios)
World News