Soybeans up 15¢ this morning. Thursday, March 14, 2024

May corn is down 2¼¢.

May soybeans are up 15½¢.

CBOT wheat is down 10¾¢. KC wheat is down 9¢. Minneapolis wheat is down 6¼¢.

This morning USDA announced a new corn export sale. Mexico is buying 100,000 metric tons of corn for delivery during the 2023/2024 marketing year.

USDA also released the weekly Export Sales report for the week ending on March 7.

“Weekly export sales were as expected, solid for corn and weak for soybeans. USDA reported net corn export sales of 1.3 mmt [million metric tons] for the current marketing year, up 19% from the four-week average and within trade guesses of 800,000 to 1.4 mmt.

“Soybean net sales of 376,000 metric tons for 2023-2024 were at the lower end of trade guesses that ranged from 250,000 to 800,000, and down from 613,000 last week. There were also new crop net sales of 94,300 metric tons.

“Wheat net export sales were poor, reflecting cancellations to China and ‘unknown destinations,’ which had already been announced. USDA reported net wheat export sales of just 83,800 metric tons for 2023-2024, a marketing-year low. This was down from 271,000 last week. Trade guesses had ranged from minus 200,000 to plus 550,000. USDA also reported new crop net sales of 81,300 metric tons.”

Live cattle are down 83¢. Feeder cattle are down $1.08. Lean hogs are down 23¢.

Crude oil is up $1.28.

S&P 500 futures are up 19 points. Dow futures are down 140 points.

Outside of the U.S., milling wheat is down on the MATIF trade. Corn and No. 2 soybeans are down on the Dalian trade while No. 1 soybeans are up.

Tags: corn, soybeans, wheat, futures, live cattle, feeder cattle, lean hogs