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Futures
@C - CORN - CBOT
Month Last Change Open High Low Close Time More
Mar 24 412'2 -1'0 415'0 417'4 412'2 413'2 06:39A Chart for @C4H Options for @C4H
May 24 425'4 -3'0 429'2 431'6 425'4 428'4 06:39A Chart for @C4K Options for @C4K
Dec 24 460'0 -3'2 463'2 465'2 459'6 463'2 06:39A Chart for @C4Z Options for @C4Z
@S - SOYBEANS - CBOT
Month Last Change Open High Low Close Time More
Mar 24 1118'0 -16'0 1132'0 1133'0 1118'0 1134'0 06:40A Chart for @S4H Options for @S4H
May 24 1131'4 -13'6 1144'6 1146'2 1131'2 1145'2 06:39A Chart for @S4K Options for @S4K
Nov 24 1127'2 -7'6 1135'2 1136'4 1127'2 1135'0 06:40A Chart for @S4X Options for @S4X
@W - WHEAT - CBOT
Month Last Change Open High Low Close Time More
Mar 24 572'0 1'0 570'0 574'2 570'0 571'0 06:39A Chart for @W4H Options for @W4H
May 24 572'6 -2'0 576'2 581'4 572'2 574'6 06:39A Chart for @W4K Options for @W4K
Jul 24 576'2 -2'2 579'2 585'0 576'0 578'4 06:39A Chart for @W4N Options for @W4N
@YM - E-MINI DOW JONES $5 - CBOT
Month Last Change Open High Low Close Time More
Mar 24 38873.00 - 120.00 38911.00 39002.00 38837.00 38993.00 06:39A Chart for @YM4H Options for @YM4H
My Custom Markets
Symbol Last Change Open High Low Close Time More

Closing Market Comments

2-28-24

 
 
 
 
 
Good afternoon. Corn and soybean markets were higher on Wednesday, while the wheat markets sagged. Markets were all lower to start the morning trade, before corn and beans rallied around 10am central time. Fundamental news remains mostly the same as previous days, with charts and March first notice day continuing to be the primary drivers of price.
 
CH finished at 4.13 1/4, up 5 cents. CK was also 5 cents higher at 4.28 1/2. CZ24 was up 3 1/4, at 4.63 1/4. SH closed at 11.34, up 2 3/4. SK was up 4 1/2 at 11.45 1/4. SX24 closed at 11.35, up 5 1/4. WH closed Wednesday at 5.71, down 15 cents. Products were mixed, May bean meal had an inside day and closed at 327.50, up $2.60/ton, and May bean oil was 34 points lower at 45.19. Cattle markets were lower Wednesday, April live cattle were $1.60 lower at 186.12, and April feeders were down $3.85 at 255.10. April hogs were up a dime at 86.00. Outside markets are mostly lower, crude oil futures are 50-60 cents lower, the Dow Jones index is down 110 points, and the US$ index is up 15 points. Crude oil futures traded their highest level in 4 months early this morning.
 
Spreads were mixed, corn spreads were generally around a penny higher, and soybean spreads were down a penny and a half to 2 1/2 cents. CH/CK was unchanged at -15 1/4, and SH/SK was a penny and 3/4 lower at 11 1/4.
 
May corn futures closed higher Wednesday for the third trading session in a row, as it continues to carve out a base. A close above last week's high, which was 4.34, would confirm a reversal on the weekly chart. It seems as though spot corn futures have found value near $4. This, mixed with friendly seasonals, has given the bull camp some new confidence. Also of note, in previous instances when the funds had been record short, they didn't hold those positions for very long. If this trend holds true in 2024, perhaps a short covering rally could commence sooner than later.
 
Soybeans continue to trade under previous chart-based support, which is now acting as initial resistance. Export offers out of South America have been rising in recent days, but are still quoted below the US for summer shipment. It seems the trade is fairly comfortable with Brazilian soy production in the 145-155 mmt ballpark, and it appears all but certain total production out of South America will be up year-over-year. It is likely the market trades a general sideways pattern into the US planting season, until either more is known about US spring weather, or there becomes a need to buy acres. With the large amount of corn acres that got planted in 2023, most would argue against possibility number 2 purely on a rotation basis. Global balance sheets remain quite loose with normal 2024 US production.
 
Wheat futures traded lower Wednesday on lower Russian export prices. Russia has excess wheat supplies that need shipped, and they are willing to drive the cash price lower to execute such business.
 
This morning's weekly ethanol report showed production for the week ended February 23rd averaged 1.078 mil bbls/day. This was at the lower end of analysts expectations, but was a new high weekly production number for this week of the year. Production was 0.6% lower than last week, and 7.5% higher than last year. Stocks were seen at 26.022 mil bbls, which was at the upper end of expectations. This was also a new high for this particular week, and the highest weekly reading since March of last year. Stocks were 2.0% higher than last week, and 5.0% higher than last year. Corn use was estimated at 107 mil bu's, compared to the 102.89 mil needed to reach the USDA's forecast.
 
Cotton futures have rallied more than 6% in the previous two trading sessions, mostly on the news of the wildfires in the Texas panhandle. As of 2019, Texas accounted for roughly 40% of US cotton production, with the majority of this being located in or near the panhandle. Two fires, one of which is being touted as the second largest in the state's history, have raged this week following a lack of moisture over the winter. Wind speeds upwards of 50mph+ caused the fires to quickly burn out of control.
 
Financial markets saw the latest update to US Q4 GDP come in slightly below economists expectations of 3.3% this morning, with the Commerce Department reporting a downward revision of 3.2%. This is still stronger than had initially been thought, which bodes well for the short term outlook. Markets tomorrow will be watching for the release of the February PCE report, which is the feds preferred inflation gauge. The report is expected to show a 0.3% reading, compared with 0.2% in January.
 
The GFS mid-day weather run was slightly wetter for Northern Brazil in the 10-day period, but otherwise unchanged from the overnight runs. The southern third of Argentina remains dry, with scattered showers forecast elsewhere over the next 10 days. US Midwest turns cold today and tomorrow, before again warming up this weekend. Another round of storms is forecast to make its way from the Northwest eastward next week. Yesterday's fast moving system produced rainfall totals that were highly variable across parts of the Ohio River Valley.
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 

 
 
 
 

 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 

 
 
 

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Assumption, IL
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