Grains Close in the Green

The Thursday marketplace ended higher, with March corn rising 2¢ at $4.95¼ per bushel.

March Soybeans jumped 3½¢ at $10.60½ per bushel.

March wheat contracts all closed higher. CBOT wheat was up 15½¢ at $5.87¾ per bushel. KC wheat rose 15¾¢ at $6.07½ per bushel. Minneapolis wheat increased 10¢ to $6.28½ per bushel.

In his afternoon recap, Karl Setzer, partner at Consus Ag Consulting, said collective trade developed in a risk-off market environment.

“Early week trade was quite volatile and now markets are attempting to stabilize,” he said. “Overnight rains in Argentina also weighed on early trade today, as did forecasts that indicate improving harvest and planting conditions for Brazil. These better conditions are not expected until mid-February though, and by then it will be getting quite late to raise a normal corn crop.”

By that point, he said at least half of Brazil’s safrinha crop will be planted outside the window for optimum yields.

Wheat performed better than corn and beans today, and Setzer said the latter two were pressured by sizable cancellations in the weekly U.S. Export Sales report, released by USDA this morning. “A solid week of export sales and losses to the Australian crop and building stress on the Black Sea crop aided wheat today and allowed that grain to separate itself from corn and soybeans.”

The livestock sector closed weaker in cattle but slightly higher in hogs. March feeder cattle dropped $5.42 per hundredweight (cwt) to $265.30. April live cattle fell $4.52 at $196.77 per cwt. April lean hogs jumped 20¢ to $91.75 per cwt.

Just before 2:30 p.m. CT, March crude oil was 54¢ in the red at $70.49 per barrel.

March S&P 500 futures fell 5 points while the Dow dropped 244 points.

Published: 3:32 p.m. CT

Grains Start Morning Mixed: 9:10 a.m. CT

There was a mixed trading session overnight, then starting the 8:30 a.m CT open, the March corn contract was down 1¢ at $4.93 per bushel.

March soybeans increased 3¢ to $10.60 per bushel.

The wheat morning session started slightly higher. CBOT wheat was up 1¾¢ at $5.74 per bushel. KC wheat jumped 2¢ to $5.93¾ per bushel. Minneapolis wheat bumped up half a penny per bushel to $6.19.

“Futures are again softer this morning as more consolidation takes place,” Setzer said in his mid-morning update. “This is not that surprising given the volatile trade to start the week. The market is also starting to again run low on fresh fundamental news, limiting any interest in extending market longs.”

He added, “A general risk-off attitude and technical weakness are weighing on all contracts, including livestock.”

Trade was mixed in the livestock sector, just after 8:30 a.m CT. April live cattle were down 90¢ at $200.40 per hundredweight (cwt). March feeder cattle fell $1.05 per cwt at $269.67. April lean hogs saw some green, up 27¢ at $91.82 per cwt.

March crude oil increased 50¢ at $71.53 per barrel.

The U.S. Dollar Index March contract was 0.288 points higher at 107.73.

March S&P 500 futures were up 10 points, and the Dow March contract was 43 points higher.

Published at 9:10 a.m. CT.