As the market closed on Friday, March corn saw a slight increase of ½¢, reaching a price of $4.31¾ per bushel.
In contrast, March soybeans experienced a decrease of 3¾¢, settling at $11.48½ per bushel.
March CBOT wheat also fell by 3¾¢, ending at $5.48¾ per bushel. Meanwhile, March Kansas City wheat dropped 12¼¢ to $5.53¾ per bushel, and May Minneapolis wheat decreased by 8½¢, closing at $5.78¾ per bushel.
According to Karl Setzer, a partner at Consus Ag Consulting, "Much of Friday's trading was centered around consolidation and profit-taking ahead of the long weekend. With the market closed on Monday for Presidents Day, traders are adjusting their positions. There was limited fresh news to drive interest, and South American weather remains mixed, with some areas benefiting from rain while others remain dry. Argentina continues to attract attention as crop ratings have declined again this week."
In the livestock market, April live cattle fell by 2¢ to $240.62 per hundredweight (cwt), while March feeder cattle rose by 42¢ to $366.15 per cwt. April lean hogs dropped 55¢, settling at $91.27 per cwt.
At 3:03 p.m. CT, March crude oil was down by 22¢, priced at $62.62 per barrel.
The S&P 500 Index decreased by 7.28 points, and the Dow Jones Industrial Average fell by 41.62 points.
Additionally, the March U.S. Dollar Index was down 47 points.
Profit-Taking Trends Observed
Just after 9:00 a.m. CT, March corn was down ¾¢ at $4.30½ per bushel.
March soybeans had a decline of 10½¢, bringing them to $11.41¾ per bushel.
March CBOT wheat was down 5¢ at $5.47½ per bushel, while March Kansas City wheat decreased by 9½¢ to $5.56½ per bushel. May Minneapolis wheat saw a reduction of 3½¢, closing at $5.83¾ per bushel.
Setzer noted, "Light pressure was observed during the overnight session as futures adjusted after a week of active trading. The strength shown earlier in the week made profit-taking expected, especially with the long weekend approaching. With the markets closed on Monday for Presidents Day, Friday's consolidation was anticipated. Fresh news was sparse to conclude the week, following several days of significant updates, including Tuesday's WASDE data. Weather patterns appear slightly more favorable for South America, although rainfall may miss the areas that need it most, particularly southern Argentina."
April live cattle increased by 40¢ to $241.05 per hundredweight (cwt), while March feeder cattle rose by $1.62 to $367.35 per cwt. April lean hogs climbed by 35¢ to $92.17 per cwt.
At 9:21 a.m. CT, March crude oil was down 1¢ at $62.83 per barrel.
The S&P 500 Index fell by 7.55 points, and the Dow Jones Industrial Average decreased by 70.53 points.
