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Futures
@C - CORN - CBOT
Month Last Change Open High Low Close Time More
Mar 24 399'6 -6'2 406'0 409'2 398'4 399'6s 03:45P Chart for @C4H Options for @C4H
May 24 413'6 -5'0 418'4 421'6 411'6 413'4s 03:52P Chart for @C4K Options for @C4K
Dec 24 449'4 -3'6 453'0 456'6 447'2 449'4s 03:56P Chart for @C4Z Options for @C4Z
@S - SOYBEANS - CBOT
Month Last Change Open High Low Close Time More
Mar 24 1135'6 -14'6 1148'0 1154'0 1130'2 1133'0s 03:40P Chart for @S4H Options for @S4H
May 24 1143'4 -10'6 1153'0 1158'4 1138'2 1141'6s 03:40P Chart for @S4K Options for @S4K
Nov 24 1130'2 -4'6 1137'2 1144'4 1128'2 1130'2s 03:55P Chart for @S4X Options for @S4X
@W - WHEAT - CBOT
Month Last Change Open High Low Close Time More
Mar 24 573'4 -9'6 584'6 592'4 572'4 573'4s 02:30P Chart for @W4H Options for @W4H
May 24 569'4 -10'2 580'2 587'4 568'0 569'0s 03:56P Chart for @W4K Options for @W4K
Jul 24 570'2 -10'0 580'2 587'4 568'6 570'0s 01:30P Chart for @W4N Options for @W4N
@YM - E-MINI DOW JONES $5 - CBOT
Month Last Change Open High Low Close Time More
Mar 24 39152.00 66.00 39102.00 39343.00 39087.00 39189.00s 04:00P Chart for @YM4H Options for @YM4H
My Custom Markets
Symbol Last Change Open High Low Close Time More

Closing Market Comments

2-23-24

 
Good afternoon. Happy Friday. Ag markets ended the week at their lowest levels in multiple years, as selling has not abated. New contract lows were scored in both corn and soybeans on Friday, and a new record short corn position was scored by the funds. Bearishness seems to be a reaching a peak.
 
CH ended the week at 3.99 3/4, down 6 1/4. New low 3.98 1/2. CZ24 closed at 4.49 1/2, down 3 3/4. New low 4.47 1/4. SH was 14 3/4 lower at 11.33. New low here 11.30 1/4. SX24 closed 11.30 1/4, down 4 3/4. New low 11.28 1/4. WH was down 9 3/4 at 5.73 1/2. Products were lower, March bean meal ended at 331.50, down $3.40/ton, while March bean oil was 19 points lower at 44.02. Livestock markets were mostly higher, April live cattle closed at 187.90, up $1.35, April feeders closed at 259.97, up $3.27, and April hogs closed unchanged at 87.20. Outside markets are mixed, crude oil futures are down around $2/bbl, the Dow Jones index is 50 points higher, and the US$ index is unchanged. Cocoa futures set new record highs again Friday, and the May closed at 62.56.
 
Spreads ended the week lower, CH/CK traded to a new contract low and closed at -13 3/4. Low is -14. SH/SK was 4 cents lower at -8 3/4.
 
An ugly week was capped off by an ugly close on Friday. For the week, March corn futures were down 16 3/4; December corn futures were down 9 1/4; March soybean futures down 39 1/4; November soybean futures were down 18 1/4; and March Chicago wheat futures were 13 cents higher. Today was the last trading day for March options. First notice day for March futures is next Thursday.
 
The big story going into next week will be the new all-time record short corn position scored by managed money traders in Friday afternoon's COT report. It is now estimated these traders are short a combined 340,732 contracts of corn futures and options, an increase of just over 26,000 contracts from last week. This is now the eighth consecutive week of selling. Managed money is also estimated to be short a combined 136,677 contracts of soybean futures and options, an increase of just over 2,000 contracts from last week. The question now becomes how long can the fund selling continue with futures prices at their lowest levels in more than three years. As has been mentioned, a fundamental spark is needed to get a rally going.
 
This morning's weekly export sales report again showed abysmal totals for soybeans, while corn was at the lower end of trade guess and wheat was below trade guesses. Corn sales for the week ended Feb 15 totaled 820,400 mt's, compared with trade guesses of 700k-1.5 mil mt's. This week's featured buyer was again Mexico, who booked 341,100 mt's. Corn sales are currently 3% ahead of last year. Soybean sales were seen at 55,900 mt's, compared with trade guesses of 300k-800k mt's. China was said to have booked 391,700 mt's, but with a 591,700 mt reduction in the unknown category, it is likely some of these Chinese sales were switches from unknown. Soybean sales currently sit 20% below last year. Wheat sales were seen totaling 233,500 mt's, which was below trade guesses of 300k-550k mt's. Featured wheat buyer for the week was Japan, who took 56,400 mt's. Wheat sales currently sit 6% ahead of last year.
 
Other export news Friday included a rumor that Purdue had again taken 6-7 cargoes of Brazil beans into the US East Coast. This would only be around half of the beans they imported from Brazil last year, so is not an Earth-shattering development.
 
The last of today's ag reports was this afternoon's cattle on feed report. The report was relatively ho-hum, with the only real deviation from the trade guesses being January placements, which came in about 5% higher than expected. On-feed supplies as of Feb 1 totaled 11.797 million head, which represents 100% of last year. Placements were seen at 1.792 million head, which is 7% lower than last year. And lastly, January marketings were seen at 1.844 million head, 0.1% lower than Jan of last year. Traders do not expect this to be much of a market maker on Monday, as the overall theme of a shrinking cattle herd remains the market focus.
 
Financial market news was limited Friday, as stock markets took a breather following the NVIDIA-induced frenzy of the last couple days. Data was limited, with the next major report being next week's GDP numbers. Fed comments earlier in the week further pumped the breaks on coming rate hikes, with officials stating they would rather be too slow to bring rates down, than bring them down prematurely.
 
Argentina saw showers move through the area today, with some localized places seeing upwards of 2". Showers move northward into Southern Brazil over the weekend, with another system being forecast to come along the same path the end of next week. The US Midwest is slated to see potentially severe thunderstorm activity next week, as cold air from the Northwest clashes with warm air from the tropical jet stream. Temps quickly return to above average again by the end of next week, and look to remain there through the two-week period.
 
Spring is getting closer by the minute! Have a good weekend!
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 

 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 

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Assumption, IL
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