Recap for January 11

  • Corn futures dropped to three-year lows after the USDA said 2023 US corn production was record high and Dec. 1 corn stocks were at their highest levels since 2018. Corn market pressure weighed on the wheat complex, as did the USDA’s report indicating wheat stocks increased to 1.410 billion bus as of Dec. 1, the largest since 2020. The Department also raised global wheat ending stocks, although that forecast remained at an eight-year low. Soybean futures descended to 26-month lows as the USDA’s larger-than-expected appraisal of the Brazilian crop more than offset Dec. 1 US soybean stocks at 3 billion bus, down from 3.021 billion a year earlier and the lowest since 2020.The March corn future dropped 10¾¢ to close at $4.47 per bu. Chicago March wheat was down 7¾¢ to close at $5.96 per bu. Kansas City March wheat pulled back ¾¢ to close at $6.15¼ per bu. Minneapolis March wheat was down ½¢ to close at $6.99½ per bu. March soybeans were down 12¼¢ to close at $12.24¼ per bu. March soybean meal slipped 10¢ lower to close at $362.10 per ton. March soybean oil was down 0.47¢ to close at 48.25¢ a lb.
  • US stock markets were mixed Friday, the Dow industrials index down on the day while the S&P 500 managed to draw close to a record high despite big declines in airline stocks and companies that rely on discretionary spending. Still, all three pulled out weekly gains after moving lower in the first week of 2024. The Dow Jones Industrial Average dropped 118.04 points, or 0.31%, to close at 37,592.98. The Standard & Poor’s 500 added 3.59 points, or 0.08%, to close at 4,783.83. The Nasdaq Composite