On Friday, January 19, 2024, the agricultural market saw some notable movements, with corn and wheat closing in the green while soybeans slipped into the red. March corn ended the day up 1½¢, CBOT wheat up 7¾¢, and KC wheat up 2¾¢. According to the Grain Market Insider newsletter by Stewart-Peterson Inc., the corn market received a boost from export sales that exceeded expectations, providing some positive news for the market. However, despite the positive export news, corn futures gave back much of the day’s gains, settling 4¢ off the high.
Soybeans, on the other hand, faced pressure from weaker products and were unable to hold onto the gains from overnight. Despite solid export sales that came in within expectations and the first flash sale in a month totaling 11.6 million bushels to China, soybeans closed down less than a penny.
At midday, March corn was up 1¼¢, March soybeans up 2½¢, CBOT wheat up 8½¢, and KC wheat up 3¼¢. Live cattle, feeder cattle, lean hogs, and crude oil experienced varied movements throughout the day. The U.S. Dollar Index March contract was down to 103.14, while S&P 500 futures and Dow futures showed upward trends.
Earlier in the day, March corn was up 3¢, March soybeans up 12¼¢, CBOT wheat up 11¼¢, KC wheat up 9¾¢, and Minneapolis wheat up 9½¢. The USDA released the weekly Export Sales report, which revealed better-than-expected figures for corn and wheat exports, with soybeans sales falling within the estimated range. Additionally, a new export sale was announced, with China purchasing 297,000 metric tons of soybeans for delivery during the 2023/2024 marketing year.
Overall, the agricultural market displayed a mix of movements, with grains showing strength and resilience in the face of varying factors. The market’s response to export sales and other external factors contributed to the fluctuations observed throughout the day.
