There were no major surprises in USDA's February Supply & Demand Report. But the report data reminded traders there's too much supply and not enough demand for grains and soybeans.
Corn and soybeans were mostly around a penny lower, with SRW and HRS futures weaker while HRW was steady to firmer. Cattle ended weaker and hogs were mostly higher.
Too much supply, not enough demand and limited prospects for a significant improvement in export demand leave the grain and soybean markets grasping for bullish news on the weather front. A summer weather rally may happen, but I wouldn't use pen if writing that into your marketing plan.
Grain and soy complex futures are seeing two-sided trade ahead of the three-day weekend. Livestock futures are stronger.
Pro Farmer's Chip Flory and Inputs Monitor's Davis Michaelsen discuss input prices for this week's Profit Briefing segment on AgDay TV.
Soybeans lead today’s gains, finishing around 10 cents higher, with corn steady to 1 cent lower. Wheat favored a weaker tone on a mixed close. Cattle were sharply lower and hogs were stronger.
Corn and wheat futures are slightly higher, with soybeans posting stronger gains. Cattle are lower and hogs are firmer.
A strong El Niño lingers, with readings in the eastern Pacific declining while others were nearly unchanged.
The U.S. ag attache in China says the country has not articulated when or how it will deal with bulging supplies.
Soybean and wheat export sales were solid the week ended Feb. 4, and cotton export sales were strong. Get more details.
As of Saturday, February 13
Feels Like -5°