Brownfield Commodity Market Reporter John Perkins has your look at the higher moves in soybeans and cattle, the mixed closes for corn and wheat, and the decline in hogs.

Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/

Find more agriculture news here: https://brownfieldagnews.com/

The latest commodity and livestock futures:

➡︎ March corn $4.38 and ¾ down $.04

➡︎ March soybeans $1.99 and ½ up $.03 and ¼

➡︎ March soybean meal $358.80 down $2.30

➡︎ March soybean oil 45.94 up 61 points

➡︎ March Chicago wheat $5.95 up $.04 and ¾

➡︎ April live cattle $186.07 up $3.72

➡︎ April lean hogs $81.25 down $.95

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Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

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This week Will and Ben take a look back at the trade war with China and what a second one could look like.

Market recap (Changes on week as of Monday's close): 

 - March 2024 corn up $0.02 at $4.42

 - December 2024 corn up $.03 $4.77 

 - March 2024 soybeans up $.02 at $11.95

 - November 2024 soybeans down $.04 at $11.76

 - March soybean oil down .23 cents at 45.33 cents/lb

 - March soybean meal up $6.80 at $361.10/short ton

 - March 2024 wheat down $.03 at $5.90

 - July 2024 wheat down $.06 at $6.03

 - March WTI Crude Oil down $3.94 at $72.84/barrel

Weekly Highlights

·        The Federal Reserve kept their short-term interest rate steady at 5.25-5.50 while providing signals of rate cuts but not as quickly as the market maybe anticipating.

·        Data coming out about the US labor market gave mixed signals- Job openings in December were reported above industry expectations and January job creation of 353,000 jobs was nearly double the pre-report expectations to show a sturdy labor market, but first-time claims for unemployment benefits also exceeded expectations along with slower wage growth and job quits indicated there is a little softness to the labor market.

·        Open interest rebounded this week after being down across the board last week for Chicago wheat (0.3%), Corn (0.3%), soybeans (2.7%), soybean oil (3.3%), soybean meal (-0.4%), cotton (9.5%), and rough rice (8.8%).

·        Managed money traders continue to be sellers of corn and soybeans while buying back some wheat contracts. Managed money funds sold another 14,866 corn contracts and 16,405 soybean contracts to increase the net shorts. They bought back 4,708 contracts of wheat to shrink their net short in that market.  

·        The January US Cattle Inventories Report showed all cattle and calves in the US as of January 1 at 87.2 million head – down 2% from last year’s 88.8 million head and lowest since 1951.

·        US winter wheat crop conditions, as a whole, are much improved from last year at this time. USDA reported that the largest state Kansas, had winter wheat rated 54% good to excellent up from 21% last year.

·        US crude oil and gasoline stocks were up week over week while distillate fuel stocks fell.

·        After cold weather limited ethanol production two weeks ago, US ethanol producers increased production 51 million gallons this week to 291 million gallons.

·        Export sales were mixed- corn and grain sorghum sales were up week over week while soybean and wheat sales were down. Soybean sales at 6 million bushels were the lowest of the marketing year and well below all expectations and bearish to the market.

·        Weekly grain and oilseed export inspections for the week were mixed. Corn and wheat were bearish while soybeans saw their strongest week since Mid-December.

Topics:

- Market recap

- Labor market mixed signals

- A second trade war?

- South American record production

- USDA supply and demand preview

- Reports to watch

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Reliable infrastructure is the biggest advantage for US farmers over its global competitors. 

In this Managing for Profit, Illinois farmer and Illinois Soybean Association board member David Niekamp talks about the vital role railways, roadways, and waterways play in ag.

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In this week’s Soil Health Hotline, a partnership with Sound Agriculture and Brownfield Ag News, Sound Ag’s Senior Director of Agronomy Jeff Divan has more about what farmers can expect to learn about soil health at the 2024 Commodity Classic.

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Are early planted soybeans worth the risk?

In this Pods for Profit, Soybean Extension Educator Mike Staton with Michigan State University discusses the results of on-farm research trials that compare different planting dates across the state.

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Brownfield Commodity Market Reporter John Perkins has your look at the bounce in soybeans, the mixed close in corn, and the losses for wheat, cattle, and hogs.

Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/

Find more agriculture news here: https://brownfieldagnews.com/

The latest commodity and livestock futures:

➡︎ March corn $4.42 and ¾ unchanged

➡︎ March soybeans $11.96 and ¼ up $.07 and ¾

➡︎ March soybean meal $361.10 up $4.30

➡︎ March soybean oil 45.33 up 60 points

➡︎ March Chicago wheat $5.90 and ¼ down $.09 and ½

➡︎ April live cattle $182.35 down $1.40

➡︎ April lean hogs $82.20 down $1.62

Connect with us:

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➡︎ YouTube: https://www.youtube.com/channel/UCBR7KnDynZ0hw7xF23dE94A

Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In this episode of the Compeer Financial Home Sweet Home podcast, Lindsey Anderson discusses the ins and outs of rural property financing.

To qualify for Compeer's First-Time Homebuyer Loan Program, the property and applicant(s) must meet eligibility and underwriting requirements as determined by Compeer. This is not a commitment to lend or extend credit. Program terms, requirements and conditions are subject to change without notice.

Compeer offers mortgage financing for rural properties. To qualify, the property must be in an eligible area as determined by Compeer. Other program and underwriting criteria apply. Compeer Financial, ACA is an Equal Credit Opportunity Lender and Equal Opportunity Provider. © 2024 All rights reserved. NMLS #619731

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Enlist Field Specialist, Steve Snyder, says farmers plan on a daily basis, and he encourages them to take a deep look at weed management.

He tells Brownfield, Enlist herbicides are effective at controlling troublesome weeds like Palmer amaranth, waterhemp, and kochia.

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The Compeer Financial Appraisal Report is a podcast discussing all things farm real estate including land prices, auction information, and appraisal analysis.

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Brownfield Anchor/Reporter Meghan Grebner and University of Missouri Market Analyst Scott Brown give a weekly recap of the markets and discuss how it can impact farmers’ bottom lines.

Learn more about what's happening in the agriculture markets here: https://brownfieldagnews.com/markets/

Find more agriculture news here: https://brownfieldagnews.com/

This week in the markets:

Live fed cattle prices are $2.35 higher on the week, which puts them $19.60 above the same period last year, and feeder cattle prices were $5 - $15 higher this week. April live cattle were up $2.45 on the week, and March feeder cattle were up $5.35 on the week. They have been up $17.75 over the last three weeks. Choice box beef was down $4.15 this week, which is $30.00 above the year-ago level. Cash hogs are up $2.60 this week. February lean hog futures were up $0.60 on the week. Pork cutout values were down $0.65 this week.

Weekly slaughter:

At the end of the week, cattle slaughter was 637,000 head, up 19,000 on the week and unchanged for the year. Hog slaughter was 2.692 million head, up 3,000 from the previous week and up 102,000 on the year.

Cattle report:

On January 1, all cattle and calves inventory was 98.1% of a year ago. Beef cow inventory was 97.5% of one year ago, confirming that the liquidation of the beef cow herd continued during 2023. Beef heifers greater than 500 pounds for herd replacement was 98.6% one year ago, suggesting smaller heifer numbers are being held to build the beef cow herd in 2024.

Restaurant performance index:

The December 2023 restaurant performance index fell 0.3% as customer traffic and labor drove the index lower.

Jobs report:

In January 2024, 353,000 jobs were added to the U.S. economy, surpassing the pre-report average guess of 185,000 jobs. The December 2023 jobs number was revised upward by 117,000 this month.

Next week's reports:

➡︎ Farm income

➡︎ WASDE

➡︎ Monthly trade data

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Brownfield Ag News creates and delivers original content across multiple media platforms. Brownfield is the largest and one of the oldest agricultural news networks in the country carrying agricultural news, markets, weather, commentary and feature content.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.