The agricultural markets experienced significant movements on March 13th and 14th, 2024, driven by weather issues in Brazil and subsequent adjustments in crop estimates. Chicago wheat and soybean futures surged due to Brazilian weather concerns and active fund trading, while corn futures fluctuated amid worries about Brazil's Safrinha crop. The Brazilian National Supply Company (Conab) slashed its corn crop forecast, contributing to the market's volatility. In the US, the livestock market showed varied trends; cattle futures rose on the Chicago Mercantile Exchange due to technical trading, weak corn futures, and strong beef pricing, with choice boxed beef cutout reaching $310.59 per hundredweight, up $1.71. However, lean hog futures fell due to profit-taking and low cash pork prices, with April lean hogs settling at 84.875 cents per pound and June hogs at 101.725 cents. CBOT soybean futures rose, initially due to technical trading and anticipation of USDA's export sales report, settling at $11.96-3/4 per bushel. Conab lowered Brazil's soybean harvest estimate, supporting soybean futures. In response to the agricultural sector's challenges, Brazil's government and the Brazilian Development Bank (BNDES) are preparing a rescue package for farmers and agricultural companies facing defaults and delinquency, exacerbated by falling corn and soybean prices.
Brazil soy, corn crop estimates widen further after weather woes -Braun https://t.co/G6VZqdM2nT https://t.co/WLvEkPZQlJ
🐖🐄 Daily US Livestock Market Wrap 14th Mar'24 - CME cattle futures surged on optimism for cash market gains. - Lean hog futures fell due to profit-taking and low cash pork prices. - April lean hogs settled at 84.875 cents per pound, while June hogs settled at 101.725 cents…
🌎 Daily Global Grains Market Wrap 14th Mar'24 - CBOT soybean futures rose initially due to technical trading and anticipation of USDA's export sales report, settling at $11.96-3/4 per bushel. - Conab lowered Brazil's soybean harvest estimate, supporting soybean futures, while…
⚠️ Column-Brazil soy, corn crop estimates widen further after weather woes -Braun Full Story → https://t.co/OR1GnLGZQM
#Brazil Plans Rescue for Troubled Farming Sector, Minister Says Government, BNDES to offer extra credit for farmers, companies Nation’s agriculture sector has been hurt by tumbling prices https://t.co/J9BtZZ7A23
Brazil’s government is preparing a rescue package for farmers in default and agricultural companies struggling with delinquency amid tumbling corn and soybean prices https://t.co/Zy1gZdz4bl
🐖🐄 Daily US Livestock Market Wrap 13th Mar'24 - Chicago Mercantile Exchange cattle futures rose on technical trading, weak corn futures, and strong beef pricing. - USDA reported choice boxed beef cutout at $310.59 per hundredweight, up $1.71 from Monday. - April live cattle…
🌎 Daily Global Grains Market Wrap 13th Mar'24 - Chicago wheat and soybean futures surged due to Brazilian weather issues and fund activity, while corn futures fluctuated amid concerns about Brazil's Safrinha crop. - Brazilian Conab slashed its corn crop estimate, impacting…