Corn and Wheat End the Day and Week in the Green

May corn ended the day up 2¾¢ at $5.08¾ per bushel. Week-over-week, the contract closed higher by 8¼¢.

May soybeans ended the day up 5¾¢ at $10.52¾ per bushel. For the week, the contract was down 12¾¢.

May wheat contracts ended the day higher and closed higher week-over-week. For the day, CBOT wheat closed up 21½¢ at $6.13½ per bushel. KC wheat was up 23¼¢ at $6.32¾ per bushel. Minneapolis wheat was up 17¾¢ at $6.49¼ per bushel.

April live cattle ended the day down $2.28 at $194.25 per hundredweight (cwt). March feeder cattle closed down $1.63 at $266.35 per cwt. April lean hogs ended the day down 50¢ at $92.60 per cwt.

Less than a quarter ahead of 3 p.m. CT, March crude oil was down 64¢ at $70.65 per barrel.

March S&P 500 futures were down 3 points. March Dow futures were down 210 points.

Published: 3:02 p.m. CT

Grains Start Day in the Green: 9:26 a.m. CT

Shortly ahead of 9 a.m. CT, May corn was up 5¢ at $5.11 per bushel.

This morning, USDA announced Colombia is buying 100,000 metric tons of corn for the 2024/2025 marketing year.

May soybeans were up 10¼¢ at $10.57¼ per bushel.

May wheat contracts were also higher this morning. CBOT wheat was up 17½¢ at $6.09½ per bushel. KC wheat was up 18½¢ at $6.28 per bushel. A few minutes ahead of 9 a.m., Minneapolis wheat was up 15¢ at $6.46½ per bushel.

“President Trump unveiled the framework of his reciprocal tariff plan on Thursday afternoon, providing a bit more clarity on the direction of his tariff-related strategies,” said Arlan Suderman, chief commodities economist at StoneX.

“The announcement seemed to ease some of the concerns of the market, particularly in the commodity space. One thing that became clearer in the plan is the objective of bringing countries to the table. Many countries charge us tariffs for what we export to them — some of them quite high. The objective is to use the expectation of reciprocal tariffs at the rate that they’re charging us, in order to bring them to the negotiating table to lower those tariffs. The goal is to achieve trade agreements that lower tariffs for both parties, freeing up trade. If achieved, that would not be inflationary, but rather it would reduce inflationary pressures.

“… The commodity world stands to gain if the plan is successful in achieving trade agreements that increase trade, as was reflected in overnight prices. For example, Brazil charges an 18% tariff on U.S. ethanol…. Reciprocating that tariff could bring Brazil to the table to negotiate an agreement to reduce or eliminate the tariff, resulting in increased flow of U.S.-produced ethanol into Brazil.”

April live cattle were down $1.08 at $195.45 per hundredweight (cwt) before 9 a.m. CT. March feeder cattle were down 98¢ at $267 per cwt. April lean hogs were up 60¢ at $93.70 per cwt.

March crude oil was up 19¢ at $71.48 per barrel.

The U.S. Dollar Index March contract was down to 106.47.

March S&P 500 futures were up 4 points. March Dow futures were down 17 points.

Published: 9:26 a.m. CT

NOTE: In honor of Presidents’ Day, grain markets don’t open until 7 p.m. on Monday, Feb. 17.