Wednesday, March 27, 2024
Morning Markets: Corn: -5 old & new. Beans: -7 old & -6 new. Wheat: -1.
MARKET SUMMARY:
Ag markets started lower overnight and have been there ever since. Wednesday looks to be another choppy day, as traders’ position for tomorrow's number without a whole lot of market-moving news in the meantime. Products are lower, soybean meal is down around 50 cents/ton, while soybean oil is trading 50-60 points lower. Outside markets are mixed, crude oil futures are down 30-40 cents/bbl., the Dow Jones index is up 150 points, and the US$ index is unchanged. Also of note, May cocoa gapped to new highs to start Tuesday's trade, before filling that gap and closing lower on the day.
Crude Oil is down $0.49 at $81.13.
U.S. Dollar is -0.4% at $104.257.
Global Equities: Japan +0.7%, China -1.4%, and Europe +0.2%.
Dow futures is up 174 points at 39,854.
EU MATIF Exchange: Corn -0.8%, and Wheat -0.6%.
WEATHER:
· The forecast remains active with another chance of storms/rainfall early next week. Temps are seen on the cooler side through the first 10 days of April.
· A strong storm system exited the US Midwest on Wednesday after bringing good rainfall to parts of Iowa, Minnesota, and Wisconsin. This has been the epicenter of Midwest drought since the first of the year, so moisture was welcome.
OTHER HEADLINES:
Constant attacks on Ukrainian Black Sea ports by Russian drones and missiles are leading to a slowdown in Ukraine's maritime agricultural exports, brokers said on Wednesday. A key maritime hub in the southern Odesa region has been under almost daily attacks in recent weeks, but authorities have not reported any significant damage to port infrastructure. "Active shelling of Ukraine, particularly in the south, by Russia last week led to interruptions in export shipments and a slowdown in waterborne exports," Spike Brokers, which tracks and publishes export statistics, said on the Telegram messaging app.
Brazilian meat processor JBS SA posted much weaker-than-expected fourth-quarter results on Tuesday and said cattle supply restrictions in the United States weighed on business. In addition, the company said an over-supplied global poultry market and high grain prices in the initial months of 2023 were detrimental to its annual performance.
China's pig herds will remain in surplus this year despite new government targets to tame oversupply, industry officials said, as the world's biggest pig breeder struggles to stage a recovery for multi-year low hog prices. Pig enterprises in China sold farms and stakes last year to raise cash after an aggressive expansion drive led to plummeting hog prices, rocketing debt, and mounting losses when demand took a downturn. Beijing in response lowered the national target for normal retention of breeding sows to 39 million from 41 million to control the nation's expanding production capacity. But increasingly productive sows and a reluctance in companies to destock will keep herd size at high levels and prices low.
ASR Group, the largest sugar company in the United States, has six to eight weeks of raw sugar stocks at its Baltimore sugar refinery which is supplied by vessels coming to the Port of Baltimore, the company said in a statement on Tuesday. Despite the current blockage of the port after the bridge collapse, the company that makes Domino sugar said it does not expect short-term impacts to its operations in the area. The Baltimore refinery is one of the largest plants among the six refineries ASR Group operates in the U.S., producing 6 million pounds of refined sugar per day.
Fallout from the Baltimore bridge situation seems to most effect coal exports and imports of European autos. The Baltimore port processed as much as 2.5 mil tons of coal per day.
Foreign sales of Argentina's famed steaks and other cuts of beef soared last month to reach their highest level in more than five decades, according to official data published on Tuesday, in a rare bright spot for the South American country's ailing economy. The data showed that beef exports reached 82,548 metric tons in February, their biggest monthly haul since 1967.
EXPORT NEWS:
N/A
Have a wonderful day!!!!
Chelsey White
Emery Manager & Originator:: Topflight Grain Cooperative, Inc.
593 Emery Rd :: Maroa, IL 61756
Phone:: 217-794-2240
E-Mail:: cwhite@tfgrain.com
Web:: www.topflightgrain.com
This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
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