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At the close, May corn was down ¾¢ at $4.93½¢ per bushel.
May soybeans were 7½¢ lower at $10.41¼¢ per bushel.
” A general lack of fresh news and an unwillingness to establish new positions ahead of month end added to the negative tone of the market.” Karl Setzer, Partner with Consus Ag Consulting said, “A general lack of buying interest weighed on several markets [Wednesday], including the ag sector. The heaviest losses were in soybeans and wheat where funds were sellers. Corn futures showed more strength as funds are not willing to trim their long position any more than they already have. Global corn balance sheets remain the tightest in a decade and improvement this year seems unlikely.”
May wheat contracts were all down at the close. CBOT wheat fell 8¢ at $5.79¾¢ per bushel. KC wheat was down 7¢ at $5.98½¢ per bushel. Minneapolis wheat decreased 11¢ at $6.17¾¢ per bushel.
The midweek close had livestock ending on a mixed note. April live cattle dropped $1.10 at $194.62 per hundredweight (cwt). March feeder cattle decreased 27¢ at $273.52 per cwt. April lean hogs increased $1.72 at $88.30 per cwt.
Just before 3:00 p.m. CT, April crude oil was 19¢ higher at $68.74 per barrel.
March S&P 500 futures were down 4 points. March Dow futures dropped 187 points.
Published: 3:40 p.m. CT
Weaker Start in Grain: 9:01 a.m. CT
At the market open, just after 8:30 a.m. CT, May corn was down 2¢ at $4.96¼¢ per bushel.
May soybeans were 3¢ weaker at $10.45¾¢ per bushel.
“The bottom line is the market is adjusting up on corn after a slide down, ahead of the the 101st annual USDA Agricultural Outlook Forum,” Don Roose, President of U.S. Commodities said, “So, I think it’s balancing ahead of that and watching how these tariffs go forward with Mexico and Canada on March 4.”
May wheat contracts were mostly lower at the open. CBOT wheat was down a penny at $5.86¾¢ per bushel. KC wheat was unchanged at $6.05½¢ per bushel. Minneapolis wheat was down 3¼¢ at $6.25½¢ per bushel.
April live cattle were up 2¢ at $195.75 per hundredweight (cwt). March feeder cattle jumped 15¢ at $273.95 per cwt. April lean hogs increased 22¢ at $86.80 per cwt.
April crude oil was 3¢ higher at $68.90 per barrel.
March S&P 500 futures were up 10 points. March Dow futures were down 39 points.
The March U.S. Dollar Index increased 187 points.
Published: 9:01 a.m. CT
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