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HOME ┬╗ EXPORT OPTIMISM BOOSTS WHEAT FUTURES

Source: Sosland Publishing Co.

Recap for January 25

Overview of Wheat Futures Climbing

Wheat futures continued to climb Thursday on optimism that North America and Europe could pick up some global demand amid geopolitical tension in the Middle East and terrorism in the Red Sea. This increase in wheat futures is a promising sign for the agricultural market, bringing hope for improved global demand.

Impact on Soybean and Corn Futures

Soybean futures, however, declined Thursday after the USDA said export sales of US soybeans in the week ended Jan. 18 were 560,900 tonnes, below a range of trade expectations for 700,000 to 1,200,000 tons. Similarly, corn futures were lower under pressure from ample US inventories, uncertain demand, and spillover weakness. These factors have contributed to a decrease in both soybean and corn futures.

Wheat Futures Closing Rates

The March corn future fell ›¢ to close at $4.51 per bu. Chicago March wheat added 1›¢, closing at $6.12¼ per bu. Kansas City March wheat jumped 11¼¢ to close at $6.37 per bu. Minneapolis March wheat added 4›¢ to close at $7.09 per bu. March soybeans deleted 17¼¢ to close at $12.23 per bu. March soybean meal fell $5.10 to close at $358.20 per ton. March soybean oil dropped 0.79¢ to close at 46.53¢ a lb.

Market Analysis and Economic Indicators

US equity markets closed higher Thursday after a Commerce Department report indicated the economy grew at a 3.3% seasonally and inflation-adjusted annualized pace in the fourth quarter, fueled by household and government spending. The quarterly reading was a slowdown from the summerÔÇÖs 4.9% pace but still a healthy rate. The Department said the US economy grew 3.1% over the past year. The Dow Jones Industrial Average added 242.74 points, or 0.64%, to close at 38,049.13. The Standard & PoorÔÇÖs 500 added 25.61 points, or 0.53%, to close at 4,894.16. The Nasdaq Composite added 28.58 points, or 0.18%, to close at 15,510.50. Moreover, US crude oil prices were higher Thursday as the March West Texas Intermediate light, sweet crude future added $2.27 to close at $77.36 per barrel.

Conclusion

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