Good morning, listeners! In today's morning wake-up call for Friday, February 16th, we delved into the latest market updates in the agricultural sector. The episode kicked off with a rundown of the current prices: March corn down a quarter cent, March beans up one and a quarter, and March Chicago wheat down six and a half.
The USDA's outlook form was a major focus, revealing bearish news with current ending stocks at 2.534 billion, higher than the estimated 2.495 billion. This significant increase in ending stocks could have implications for the market moving forward, especially with March experiencing a 10-cent decline throughout the week.
The Commitment to Traders report was eagerly anticipated to see if funds had reached a new record short position, following a 92% record short the previous week. Soybeans faced challenges with disappointing export numbers, losing out to Brazil and struggling to sell. The next support level for March beans was identified at 1145 and a half.
Wheat, on the other hand, saw decent exports but experienced a downward trend throughout the week, potentially leading to profit-taking before the long weekend. In the cattle market, boxed beef prices showed an increase, adding support to the market after varied trade results in Nebraska, Kansas, and Texas.
