We are going to be looking at March Wheat and Bitcoin Futures. So let’s dive in and get this clock rolling!
Matthew Bresnahan, Market Strategist
Daily Grain and Livestock Market Recap
Corn
Corn futures snuck out a second consecutive higher close, albeit it was only by ¼ of a cent. New crop corn futures were not as lucky, the December contract settled ¾ of a cent lower to 492. CONAB has Brazil’s 2023/24 corn production estimated at 117.6 million metric tons, down from the previous month’s report of 118.53 million metric tons.
Soybeans
March soybeans got hit hard on the 8:30 open yet again, but were able to bounce back mid-morning, only to finish back near the low end of the range. At the close march futures were 12 cents lower to settle at 1236 ½. New crop November beans were down just 3 cents, settling at 1205 ½. CONAB estimates Brazil’s 2023/24 soybean production at 155.27 million metric tons, down from 160.18 in last month’s report. This is still above many private analyst estimates.
Wheat
March Chicago wheat futures were the “big winner” for the second consecutive day, settling the day ¾ of a cent higher to 610 ¾. Wheat futures remain the most constructive on the chart.
Live Cattle
It was another choppy and relatively quiet day in the live cattle markets. Front month February future finished the day 2 cents lower to 170.75. The next most active month, April, finished the day 7 cents higher to settle at 173.675. Cash cattle has been pretty quiet this week which may keep markets fairly consolidated near term. Cutout values were sharply higher in this afternoon’s report with choice cuts up 291 to 283.07 and select cuts up 4.11 to 266.94.
Feeder Cattle
March feeder cattle closed back near the upper end of the range, settling at 226.125, that was 1.25 higher on the day.
Lean Hogs
Lean hogs failed against resistance early in today’s session but came back to squeak out another positive day, settling 20 cents higher to 72.075. That was good enough to mark the fifth consecutive day of gains, the longest streak since October.