Weekly Market Update 3-07-24

Mar 07, 2024

Here is your weekly market update from the Garden City Co-op Grain Origination Team.


1. This singer is famously called the "Material Girl”?

2. How old was Rose in the Titanic movie when she was recounting her story?

Answers at the bottom.

Market News

FED: Federal Reserve Chair Jerome Powell indicated that interest rates will likely come down this year, although the central bank is cautious and needs to see more data before moving. Powell stated that the central bank expects to begin loosening policy this year as it gains more confidence that inflation is under control. In his prepared remarks, the Fed chairman said that the central bank believes rates have peaked. Lower interest rates usually stimulate the economy, which leads to more demand for crude. Tamas Varga, an analyst at oil broker PVM, told clients in a note on Tuesday that uncertainty surrounding interest rate cuts is the main obstacle to a prolonged oil rally.
Export inspections: It has been a consistent week for inspections, with a total of 42.7 million bushels of corn inspected. Mexico was the top destination for corn, and the amount inspected was in line with the estimates. Currently, corn is above the 10-week average. Additionally, 37.5 million bushels of soybeans were inspected, and 5.2 million bushels of milo for this week. These commodities' leading destination was China, and all three - corn, soybeans, and milo - were ahead of the pace required by the USDA. However, wheat is not keeping up with the pace, with only 13.0 million bushels reported, which is on the lower side of the estimates.

Export Sales: There were only a few strong export sales this week, particularly in soybeans and soy oil. Both came in higher than the trade estimated and did better than the prior week. Corn sales were just enough to maintain, while wheat and bean meal sales were weaker than expected. Corn totals were pegged at 43.7 million bushels with no new crop contracts. Most are heading to Japan, taking over half this week, followed by Mexico and Colombia. Soybeans came in at 22.5 million bushels shipped, with 2.4 million bushels sold for new crops. China isn’t doing any favors to the wheat market due to the cancellations of exports of 130,000 metric tons in SRW. Wheat sales at 10.0 million bushels, which is on the low side of estimates; however, there are 2.4 million for new crop sales. Milo sold 3.1 million bushels, which is lower than the week before, no new crop sales.

WASDE: Keep an eye out for tomorrow's report. Apart from minor revisions, it is not expected to bring any significant changes to the US production sheets. Therefore, we are not expecting any fireworks. However, the report is likely to contain some updates on the South American market, which is expected. Also, another report is expected to come out at the end of the month, which you should watch out for. As always, report days can generate market volatility, so be sure to contact the GCC Grain Team if there are any orders we can help with.


Today through Friday, it will be mostly cloudy with cooler temperatures throughout the weekend. However, we can expect a change in the weather starting from Sunday and the beginning of next week, with highs near 70s. On average, temperatures will range from the 50s to 60s. There is no forecast of any precipitation, but we can expect some wind throughout the week.

Trivia Answers

  1.  Madonna.
  2.  100 years old.