USDA reports pressure wheat, corn

Kansas City Wheat Futures
Source: Sosland Publishing Co.

Recap for February 8

  • On Thursday, wheat complex futures declined under continued US dollar and Russian price pressure as the USDA raised forecasts for the June 1, 2024, carryover of hard red winter, soft red winter and white wheat. Soybean and soybean oil futures rose despite USDA’s bearish soy ending stocks thanks to the Department’s lower forecast for Brazilian production, a figure far higher than forecasts from Brazil’s own crop agency. Corn futures initially went higher after Brazil lowered its corn production forecast but closed lower on the USDA’s increased ending stocks projection. The March corn future dropped 1¢ to close at $4.33¼ per bu. Chicago March wheat shed 13½¢, closing at $5.88½ per bu. Kansas City March wheat fell 17¼¢ to close at $6.01 per bu. Minneapolis March wheat declined 12½¢ to close at $6.83¾ per bu. March soybeans gained 4½¢ to close at $11.93½ per bu. March soybean meal dipped $4.10 to close at $347.10 per ton. March soybean oil rose 1.18¢ to close at 47.94¢ a lb.
  • Amid a busy earnings season, shares of Walt Disney, Arm and Hershey advanced Thursday, helping push US equity markets higher. The DJIA and S&P 500 posted record-high closes for a second straight day. The Dow Jones Industrial Average added 48.97 points, or 0.13%, to close at 38,726.33, the index’s 11th record-high close of 2024. The Standard & Poor’s 500 crept up 2.85 points, or 0.06%, to…

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