Corn Prices Ignore Higher Export Sales, Finish Lower
Even after USDA reported 62.7 million bushels of export sales last week, March corn closed down 5 3/4 cents Thursday, staying within its narrow, sideways range of the past week. On the other hand, March soybean meal closed up $7.10 at a new contract high of $491.80, supported by a mostly dry forecast for Argentina the next 10 days and an even higher cash price in Illinois.
Futures Traders Bullish Amid Long-term Scarcity of Cattle
Triple-digit gains in feeder cattle futures and fresh contract highs in live cattle futures leant a bullish tone even to the otherwise moribund lean hog market Thursday.
Soybean Meal Cash Prices Lower for Week
Soybean meal and soy oil prices were lower for the week ended Jan. 27, while DDG prices were mixed.
Milk Futures Post Another Strong Close
Milk futures were higher posting some good strength in Class IV contracts. The combination of stronger butter and nonfat dry milk cash prices triggered the buying interest. Traders seem to be more confident butter and powder prices may have reached the low.
Ethanol RINs Lower, Cash Prices Mixed Thursday
Ethanol RINs were lower and ethanol cash prices were mixed Thursday. March corn closed down 5 3/4 cents at $6.75 1/4, while May closed down 5 3/4 cents at $6.73 3/4.
Average UAN28 Fertilizer Price Drops 9% During January 2023
Once again, seven of the eight major fertilizers' prices are lower compared to last month. Five of the eight major fertilizers were significantly lower. DTN designates a substantial move as anything 5% or more.
Cotton Ends Thursday Higher
The market was higher Thursday amid sufficient export-sales numbers.
Row Crops End Mixed as Argentina's Crop Improves
Soybeans closed 10 3/4 cents to 14 cents higher, canola ended $2.90/mt to $3.40/mt lower, HRS closed 1/2 to 3 3/4 cents lower, HRW finished 3 to 3 1/2 cents lower, SRW settled 1 1/4 to 1 1/2 cents higher and corn ended the day down 5 to 5 3/4 cents/bu.