Corn, Wheat Post Small Gains
March contracts of corn and two of the three wheats finished a little higher Wednesday, finding only light trade volume after Tuesday's losses. March soybeans traded lower much of the day, but ended up 1 1/4 cents, still pressured by the uncertainty of trade talks with China.
Hog Futures Tumble Lower
Sharp triple-digit losses have quickly flooded into lean hog contracts Wednesday morning. Nearby contracts are trading $2 per cwt lower as traders quickly push prices lower.
Soybeans, Corn Lower Tuesday; DDG Prices Weak
A lack of progress from recent talks between the U.S. and China pressured corn and soybeans.
Nonfat Dry Milk Declines
Traders did not like the decline of barrels again Wednesday. This pushed all Class III contracts into negative territory with March showing the greatest loss. Strength in dry whey did not override current bearishness. Grade A nonfat dry milk reached its threshold as I anticipated with price declining during spot trading.
Ethanol Futures Lower While Corn Tumbles
Ethanol futures closed Monday's session down 1.4 cents in the February contract at $1.272 and down 1.2 cents in the March contract at $1.291. Corn closed down 7 1/4 cents in the March contract at $3.71 1/4 and down 7 1/4 cents in the May contract at $3.79 3/4.
Fertilizer Prices Continue to Rise as Nitrogen Price Spikes Taper Off
Retail fertilizer prices continue to move higher, although the price increases for nitrogen fertilizers didn't jump as significantly as they have in recent weeks.
Cotton Higher in Seesaw Trade
The cotton market finished moderately higher Wednesday, albeit there was no supportive news.
Grains Showing Modest Gains in Early Trade
March soybeans are 2 cents higher, March canola is $0.20/metric ton (mt) higher, March spring wheat is 1/2 cent higher and March corn is 1 1/4 cent higher. The Canadian dollar is 2 basis points higher in overseas trade.