Market Snapshot | February 2, 2022

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Old-crop corn futures are 6 to 8 cents lower at midmorning after fading from overnight gains.

  • Corn futures erased overnight gains and turned lower on profit-taking.
  • Ethanol production averaged 1.041 million barrels per day (bpd) during the weekend Jan. 28, up 6,000 bpd from the previous week. Production increased 11.2% versus the corresponding week last year. Ethanol stocks increased 1.379 million barrels to 25.854 million barrels, the highest since the week ended April 24, 2020.
  • USDA late yesterday reported corn processed for ethanol in December at a higher-than-expected 485.8 million bu., up from 466.9 million bu. in November and up from 431.7 million bu. in December 2020. The numbers illustrated strong domestic ethanol demand that’s contributed to the corn market’s rally.
  • StoneX projected Brazil's first corn crop for 2021-22 at 25.3 MMT, down 1.5 MMT from the broker’s previous forecast of 26.8 MMT.
  • March corn futures overnight rose as high as 6.40 3/4 before dropping as low as $6.26 1/4.
  • Initial support in March futures is seen at yesterday’s low and the 10-day moving average, both at $6.24 1/2. Initial resistance is seen at the contract high posted Monday at $6.42 1/2, with further resistance at $6.50.

Soy complex futures are higher and led by gains in the “teens” in nearby soybeans and $1 to $2 in nearby soymeal; soyoil is steady to up slightly.

Wheat futures are mostly weaker, led lower by the winter wheat markets.

Cattle futures are solidly firmly higher at midmorning, led by strong gains in feeders.

Lean hog futures are mostly higher and near contract highs.

 

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