After the Bell | March 27, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: May corn extended 5 3/4 cents lower to $4.26 3/4, marking a more than three-week low close. A gap lower at the overnight open set the tone for today’s price action, while outside market pressure added insult to injury to the corn market.

Soybeans: May soybeans fell 6 1/2 cents before settling at $11.92 1/2, nearer session lows. May meal futures dropped 80 cents to $339.0. May bean oil futures slipped 75 cents to 47.67 cents, nearer session lows. Soybeans faced mild selling pressure though closed off session lows as traders positioned for tomorrow’s USDA reports.

Wheat: May SRW wheat rose 4 cents to $5.47 1/2. May HRW wheat closed up 1 cent at $5.78 1/4. Prices closed nearer their session highs. May spring wheat futures rose 3 3/4 cents to $6.51. The winter wheat futures markets today saw some position evening and short covering ahead of Thursday morning’s important USDA planting intention and quarterly grain stock reports.

Cotton: May cotton futures dropped 264 points before settling at 90.77 cents to mark the lowest close since Feb. 8. Cotton futures underwent heavy selling following corrective buying early this week, as little has fundamentally changed in regard to disappointing demand.

Cattle: June live cattle rose 30 cents to $178.675 and near the session high. May feeder cattle closed up $1.025 at $248.275 and near the session high. Live cattle and feeder cattle futures markets posted corrective rebounds today following strong selling pressure on Monday and Tuesday.

Hogs: Nearby April hog futures led the summer contracts higher Wednesday. It climbed 52.5 cents to $86.10, while most-active June rose 25 cents to $101.60. The cash hog and wholesale pork markets continue exhibiting considerable strength.

 

 

 

 

 

 

 

 

 

 

 

Latest News

PF Report Reaction: Bullish USDA data for corn
PF Report Reaction: Bullish USDA data for corn

Corn planting intentions and March 1 stocks came in lower than expected.

Report Snapshot: USDA shows lighter-than-expected corn acres and stocks
Report Snapshot: USDA shows lighter-than-expected corn acres and stocks

USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.

Timeline and Issues in Getting Baltimore Port Channel Reopened
Timeline and Issues in Getting Baltimore Port Channel Reopened

Exxon Mobil and SAF | Fed governor says ‘no rush’ to lower rates | Russia aids Cuba | Key USDA reports today

Cattle Strength Wanes | March 28, 2024
Cattle Strength Wanes | March 28, 2024

Japan works to support Yen, Eurozone cuts production forecast and the Biden Administration will repair Baltimore Bridge...

Ahead of the Open | March 28, 2024
Ahead of the Open | March 28, 2024

Corn, soybeans and wheat traded in tight ranges overnight, with grains showing relative strength into the break.

Weekly wheat sales exceed expectations, while soybeans miss
Weekly wheat sales exceed expectations, while soybeans miss

Weekly wheat sales were just above the pre-report range for the week ended March 21, while soybean sales missed the expected range by 36,000 MT. Corn sales held steady at 1.21 MMT.