MarketEdge PM Comments
Feb 22, 2024
(Sam Bair)
Good evening, Grains finish lower today after the close, after starting slightly higher this morning. March Corn futures are down 5^0 closing at 406’0, and Dec 24 corn futures are down 4^0 closing at 453^2. March Bean futures are down 13^0 closing at 1147’6, and Nov 24 bean futures are down 10’6 closing at 1135^0.
Good evening, Grains finish lower today after the close, after starting slightly higher this morning. March Corn futures are down 5^0 closing at 406’0, and Dec 24 corn futures are down 4^0 closing at 453^2. March Bean futures are down 13^0 closing at 1147’6, and Nov 24 bean futures are down 10’6 closing at 1135^0.
- There was a flash sale of 126,000 MT of Sorghum to China this morning, but that did not help add any support in grains today.
- March Corn futures made a 3 year low for corn, trading as low as 4.0425.
- The US approves E15 gasoline expansion starting in 2025, that allows for more sales of gas with higher blends of ethanol throughout the Midwest.
- Ethanol production stays on pace from the previous weeks coming in at 1.0 mil barrels per day.
- Ethanol stocks decline from 25.8milon to 25.5mil barrels.
- Lack of fresh, positive news helped keep markets lower.
- Remember to Set or roll your HTAs and Basis contracts with the March expiration date coming up.
- Livestock finish mixed as hogs close higher and cattle close in the red.
- The S&P 500, Nasdaq, and the Dow Jones Index finish higher, and the US dollar all closes lower.