Corn
Though the rallies have been small, today marked the fourth consecutive day of gains. March corn futures finished the session 3/4 of a cent higher to settle at 446 1/2. New crop December corn settled 1 1/4 cents higher to 447 1/2.
Corn growers are seen planting 92.8 million acres of the grain this year, marking the second-largest US crop on record, a Farm Futures survey finds. That’s down 1.8 million acres, or 1.9%, from last year’s harvest.
Soybean
Soybeans had the most impressive day, relative to the other grain markets. At the close March soybean futures were 15 1/4 cents higher to settle at 1239 1/2. That’s the highest close since January 9th. New crop November beans settled at 1207, that was 9 1/2 cents higher on the day.
The Farm Futures survey showed expectations for this year’s US acres at 85 million, up 1.6% from 2023. This would be 4th-largest soybean harvest.
Wheat
Wheat futures were the leader early on but fizzled into midday, with the March contract ultimately settling unchanged at 596 1/2. The deferred contracts were fractionally higher.
The Farm Futures survey showed Winter wheat acres in 2024 at 37.3 million, higher than USDA’s estimate this month of 34.4 million acres.
Spring wheat is expected to be 9.1 million acres, down 19% from 2023, while durum wheat is seen unchanged at 1.7 million acres.
Total 2024 wheat of 48 million acres would be down 3% from last year.
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Cattle
At the close April live cattle futures were 92 cents higher to settle at 177.825, the highest settlement in nearly two months. March feeder cattle futures finished the day 2.37 higher, settling at 233.65, that marks the highest settlement since November 8th.
Lean Hogs
On the snout side, it was a sharply higher day as well with the most actively traded April contract leading the way. At the close April futures were 2.70 higher, settling at 80.32, the highest close since November 20th.
This morning’s headline from Reuters likely played a role in today’s price action – China will “guide” farmers to reduce hog production capacity as it steps up regulation of the industry, the agriculture ministry said on Tuesday, after an aggressive expansion drive led to an oversupply of pigs and heavy losses.
Oliver Sloup, VP & Co-Founder, Blue Line Futures
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