Market Update: Corn and Wheat Prices Rise Amid Weather Concerns

As of the latest market close, March corn has seen an increase of 6½ cents, settling at $4.30½ per bushel. This marks a week-over-week gain of 5¾ cents, reflecting positive sentiment in the corn market driven by various factors, including weather conditions and export activity.

Details on Soybean and Wheat Markets

In parallel, March soybeans concluded the day at $10.67¾ per bushel, up 3¾ cents; this week saw a total increase of 10 cents. Meanwhile, March CBOT wheat rose by 14 cents to reach $5.29½ per bushel, with similar gains observed in the Kansas City and Minneapolis markets, closing at $5.40¾ and $5.75 respectively. All three wheat contracts posted week-over-week increases.

Weather and Market Influences

According to the latest Grain Market Insider newsletter by Stewart-Peterson Inc., rising weather concerns in the U.S. and a decline in the U.S. dollar have contributed to notable gains across both winter wheat classes. These factors have created a favorable trading environment for wheat, encouraging investor optimism.

Beef and Hogs Market Overview

Looking at livestock, March feeder cattle finished up 90 cents at $360.18 per hundredweight (cwt), while April live cattle gained $2.10, closing at $236.93 per cwt. However, April lean hogs experienced a slight downturn, closing down 18 cents at $96.18 per cwt.

Crude Oil and Stock Market Snapshot

In energy markets, March crude oil rose $1.91, bringing the price to $61.27 per barrel. The stock market had a mixed performance, with the S&P 500 Index up by 2.26 points, while the Dow Jones Industrial Average closed down by 285.30 points.

Morning Market Update

In early trading, March corn was up 4¾ cents before 9:30 a.m. CT, reaching $4.28¾ per bushel, alongside an increase in March soybeans rising 6¼ cents to $10.70¼ per bushel. The USDA released the weekly U.S. Export Sales report, revealing strong export activity:

• Net corn export sales reached 4.01 million metric tons (mmt), a new marketing-year high that surpassed predictions.
• Weekly net soybean sales hit 2.45 mmt, also a marketing-year high and significantly above the four-week average.
• For wheat, net export sales totaled 618,100 metric tons, exceeding trade expectations.

In the livestock sector, March feeder cattle experienced a decrease of $3.18, while April live cattle saw a drop of $1.30. The U.S. dollar also reflected market pressures, trading down to 98.05 on the index.

As market dynamics continue to evolve, traders are advised to stay updated on developments affecting grain and livestock prices, particularly regarding weather conditions and export opportunities.

Published: 3:30 p.m. CT

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