Soybeans Down Nearly 15¢ | Wednesday, December 18, 2024

March corn is down less than a penny this morning.

March soybeans are down 14½¢.

Naomi Blohm, senior market advisor at Total Farm Marketing, says the Christmas rally may be over for March soybeans, as a head and shoulders chart formation has taken shape.

“The Christmas rally only amounted to 25¢ this year, as the good crop weather in South America and 470-million-bushel U.S. carryout continues to weigh on prices,” she said.  

She noted the current chart formation indicates March soybeans could go as low as $9 per bushel.

“Last year, in hindsight, this formation occurred this time of year for soybeans, and it took one month for prices to lose $1,” she said. “Then soybean prices lost an additional $1 in February.”

March wheat contracts are higher this morning. CBOT wheat is up 4¢. KC wheat is up 3½¢. Minneapolis wheat is up 2¼¢.

This morning, USDA announced Colombia is buying:

• 135,000 metric tons of corn for the 2024/2025 marketing year
• 120,000 metric tons of soybean cake and meal for the 2024/2025 marketing year

February live cattle are down 35¢ this morning. January feeder cattle are down 40¢. February lean hogs are up 13¢.

February crude oil is up 76¢.

The U.S. Dollar Index March contract is up to 106.71.

March S&P 500 futures are up 6 points. March Dow futures are up 124 points.

Published: 9:30 a.m. CT