MarketEdge PM Comments
Feb 14, 2024
(Allison Ryan)
Grains were down across the board. Nearby corn was down 6½ and December was down 5½. March beans were down 15¾ and new crop was down 10¼. Wheat was also down double digits.
- We saw some anticipation of the USDA’s Ag Outlook Forum, which is released tomorrow; trade estimates include 91.8 mil acres of corn planted, with a trendline yield above 180 and a carryout of 2.6 bil bushels
- We established new contract lows in the corn market in response; the funds are closing in on their record short established back in 2019
- Ethanol numbers were strong, and inventory was up 4% this past week
- Bean estimates for tomorrow’s report are 86.5 mil acres, with a trendline well above 50 and carryout around 400 mil bu; we took out some key support of 11.79 on the nearby trade month
- South America weather looks favorable enough at this point, it’s not providing any support in this market
- The Dow was higher, crude was down and the Dollar was softer
Have a great evening.