Wake Up Call February 23rd, 2024

As we approach the end of the week, we are seeing some significant movements in the grain and cattle markets.

Starting with the grain market, we observed a slight uptick in prices for March corn, beans, and Chicago wheat. However, the possibility of profit-taking looms as we have witnessed a substantial pullback this week, leading to new three-year lows. Despite this, ethanol production remains strong, with exports expected to continue at a robust pace, particularly in corn.

In the soybean market, the situation is challenging, with poor export expectations and limited demand from key players like China and Brazil. The absence of significant buying activity raises concerns about the future trajectory of soybean prices.

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