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Monday, February 26, 2024
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USDA finds wheat and corn pressure not exceeding 13 words

The wheat and corn complexes faced pressure as USDA forecasts for June 1, 2024, carryover of various types of wheat increased, leading to a decline in wheat complex futures. Additionally, the USDA’s increased ending stocks projection for corn futures also contributed to a drop in prices. Despite this, soybean and soybean oil futures rose due to the Department’s lower forecast for Brazilian production, which was higher than forecasts from Brazil’s own crop agency. Amid a busy earnings season, shares of companies such as Walt Disney, Arm, and Hershey advanced, leading to higher US equity markets and record-high closes for the DJIA and S&P 500.

The DJIA and S&P 500 posted record-high closes for a second straight day, despite ongoing pressure on the agricultural futures markets. However, US crude oil prices were higher for the fourth consecutive session, while the US dollar index closed higher after a two-day downturn. US gold futures turned lower as the US dollar strengthened, contributing to fluctuations in the financial markets. Despite these market movements, the general outlook for US equity markets remained positive, as evidenced by the continuous gains made throughout the week.

Overall, the agricultural futures markets faced pressure due to various factors, including increased USDA forecasts for wheat carryover and ending stocks projection for corn. However, the equity markets continued to perform well, with record-high closes and increased share prices for companies such as Walt Disney, Arm, and Hershey. Amidst market fluctuations, US crude oil prices and the US dollar index also experienced their own changes, impacting various sectors of the financial markets.

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