Corn up 3¢. Thursday, February 22, 2024

Market & Price Trends
Published Feb 23, 2024

Tridge summary

Grain and oilseed complex positions are nearing record lows due to Russia and Ukraine selling as much grain as possible to fund their war efforts and cheap supplies from Brazil. Despite this, there is an increase in demand for corn and wheat at current prices. Meanwhile, March corn, CBOT wheat, KC wheat, and Minneapolis wheat are all up, while March soybeans are flat. The USDA has also announced a new export sale to China of 126,000 metric tons of sorghum for the 2023/2024 marketing year. Crude oil, S&P 500 futures, and Dow futures are also on the rise.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

March corn is currently up 3½¢. March soybeans are flat. CBOT wheat is up 14½¢. KC wheat is up 12½¢. Minneapolis wheat is up 7¾¢. This morning USDA announced a new export sale to China for a total of 126,000 metric tons of sorghum, to be delivered during the 2023/2024 marketing year. “Corn prices hit a fresh three-year low overnight, as prices continue to slowly erode lower,” says Arlan Suderman, chief commodities economist for StoneX. “Managed money net short positions are approaching record territory in the grain and oilseed complex, despite geopolitical risks. Both Russia and Ukraine are dumping as much grain on the world market as they can, at whatever price it takes to move the grain, in order to pay for the war effort. This combines with cheap supplies coming from Brazil as well. The markets are generally oversold, and the geopolitical risks are real, but the point at which those dynamics will become a turning point where cheap prices generate demand is still yet unknown. ...
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