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At the close Tuesday, March corn was down 7½¢ at $4.84 per bushel.
March soybeans closed down 6¢ at $10.43½ per bushel.
March wheat contracts were also lower. CBOT wheat was down 2½¢ at $5.77 per bushel. KC wheat was down 4¢ at $5.92¾ per bushel. Minneapolis wheat was down 7¢ at $6.18¼ per bushel.
Earlier today, USDA released the February World Agricultural Supply and Demand Estimates (WASDE) report. The report left 2024/2025 U.S. corn and soybean ending stocks unchanged month-over-month and pegged wheat ending stocks lower. The Grain Market Insider newsletter by Stewart-Peterson Inc. said, “Long liquidation pressured corn futures lower after the USDA’s WASDE report left the U.S. corn balance sheet unchanged from last month.”
Concerning soybeans, the newsletter said, “Improving weather in Argentina and a neutral WASDE report pushed soybean futures lower on Tuesday.”
Of wheat, Grain Market Insider said, “A slight reduction in wheat ending stocks in today’s WASDE report wasn’t enough to spark a rally, as declining corn and soybean prices added additional pressure to the market.”
April live cattle ended the day down $2.13 at $196 per hundredweight (cwt). March feeder cattle closed down $3.35 at $264.78 per cwt. April lean hogs ended the day up $1.35 at $92.98 per cwt.
Less than a quarter past 3 p.m. CT, March crude oil was up 86¢ at $73.18 per barrel.
March S&P 500 futures and Dow futures were up 4 points and 142 points, respectively.
Published: 3:39 p.m. CT
Grains In the Green Ahead of WASDE: 9:01 a.m. CT
A little past 8:30 a.m. CT, March corn was up 1½¢ at $4.93 per bushel.
March soybeans were up 2½¢ at $10.52 per bushel.
March wheat contracts were also higher. CBOT wheat was up 5¢ at $5.84½ per bushel. KC wheat was up 2¾¢ at $5.99½ per bushel. Minneapolis wheat was up 2¼¢ at $6.27½ per bushel.
“The grain and oilseed markets are focused on today’s monthly USDA WASDE crop report,” said Arlan Suderman, chief commodities economist at StoneX. “Look for USDA to cut Russian wheat exports, while raising U.S. corn exports, and possibly also ethanol corn use. Modest adjustments may also be made to South American production estimates, but this report is expected to be rather tame overall. Yet, traders know that USDA has a tendency to sometimes throw a curve ball, so they’ll be wary of such until they see the numbers.”
April live cattle were down 45¢ at $197.68 per hundredweight (cwt) just past 8:30 a.m. CT. March feeder cattle were down 73¢ at $267.40 per cwt. April lean hogs were up 48¢ at $92.10 per cwt.
March crude oil was up $1 at $73.32 per barrel.
The U.S. Dollar Index March contract was down to 108.02.
March S&P 500 futures were down 21 points. March Dow futures were down 132 points.
Published: 9:01 a.m. CT
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