Market Snapshot | February 15, 2024

Monthly survey of rural bankers finds growing pessimism.

USDA releases crop forecasts, Japan slips into recession and global crude stocks projected to reach record high...

Star wars | Vilsack at House hearing | Dicamba | Global shipping | Japan in recession

The extended forecast suggests spring planting should advance rather rapidly and favors early crop development.

Selling persisted throughout the grain market overnight as corn, soybeans and wheat continue to trade on recent lows. Persistent impressive sales and falling projected acres did little to boost corn prices.

Weekly soymeal sales totaled 203,400 MT during the week ended Feb. 8, missing the pre-report range, while corn sales held steady at 1.31 MMT. Wheat and soybean sales were near the low-end of pre-report estimates.

The initial projections are based on the January WASDE Report. These are USDA’s current best guesstimates. A lot can (and will) change.

Corn, soybeans and wheat extended Wednesday’s losses during the overnight session.