Recap for February 22
- Corn and soy complex futures declined Thursday with fresh three-year lows posted on corn and soybean contracts. Ample domestic corn and soybean supplies, growing South American supplies amid improved weather prospects, uncertainty about demand and technical selling brought pressure. Wheat futures were mixed with Kansas City and Minneapolis contracts lower but Chicago contracts posting small gains. Wheat futures garnered some support from expectations of new US sanctions on Russia, the world’s largest wheat exporter. The May corn future shed 5¾¢ to close at $4.18½ per bu. Chicago May wheat edged up 1¼¢ to settle at $5.79¼ per bu. Kansas City May wheat declined 3¢ to close at $5.71½ per bu. Minneapolis May wheat dropped 6¢ to close at $6.55½ per bu. May soybeans fell 12½¢ to close a $11.52½ per bu. May soybean meal lost $5.30 to close at $331.40 per ton. May soybean oil was down 0.62¢ to close at 44.80¢ a lb.
- US equity indexes surged Thursday with the DJIA and the S&P500 closing at record highs. Market enthusiasm was spurred in part by better-than-expected fourth-quarter results from Nvidia that fueled optimism about growth prospects for artificial intelligence stocks. The Dow Jones Industrial Average added 456.54 points, or 1.18%, to close at 39,069.11. The Standard & Poor’s 500 added 105.23 points, or 2.11%, to close at 5,087.03. The Nasdaq…
