3 Big Things Today, December 23, 2024

1. Corn, wheat moved higher in overnight trading

Corn and wheat futures were higher in overnight trading on signs of demand for U.S. agricultural products. 

Exporters sold 150,000 metric tons of corn to Colombia for delivery in the 2024/2025 marketing year that started on Sept. 1, the USDA said in a report. 

Sales of 227,200 metric tons of soybeans to an unidentified buyer were reported Thursday, while sales of 135,000 tons of corn and 120,000 tons of soy meal were reported a day earlier. 

Since the start of the marketing year on Sept. 1, overseas buyers have purchased 36.3 million metric tons of corn from the U.S., up 29% from the same time frame last year, the USDA said. 

Soybean sales are now at 38.7 million metric tons, up 10% year-over-year. 

Wheat sales since the beginning of the grain’s marketing year on June 1 now stand at 16.3 million metric tons, a 9% improvement from the same period a year ago, government data show. 

Corn exports since the start of September are now at 13.66 million metric tons, a 31% increase year-over-year, and soybean shipments jumped 22% to 25.2 million tons. 

Wheat cargoes are up 29% on an annual basis at 11.3 million metric tons, according to the USDA. 

Corn futures for March delivery gained 1¾¢ to $4.48 a bushel overnight on the Chicago Board of Trade. 

Soybean futures for March delivery rose 1¾¢ to $9.81 a bushel. Soy meal added $1.20 to $303.60 a short ton, and soybean oil was up 0.46¢ to 40.34¢ a pound. 

Wheat futures for March delivery gained 4½¢ to $5.37½ a bushel, while Kansas City futures added 5¼¢ to $5.50 a bushel. 

2. Cattle on feed as of Dec. 1 decline narrowly

The number of cattle on feed in the U.S. at the beginning of December narrowed slightly year-over-year, according to a report from the USDA. 

About 11.982 million head were on feed on Dec. 1, down from 12.016 million on the same date a year earlier, the agency said. 

Some 1.796 million head were placed in feedlots in November, down 4% on an annual basis. 

Marketings last month totaled 1.725 million head, down from 1.751 million head in November 2023, the USDA said. 

Texas, as usual, had the most cattle on feed at the start of December, with 2.88 million head. Following were Nebraska at 2.6 million and Kansas at 2.42 million head, the government said in its report. 

3. Snow, ice expected in much of Wisconsin, Michigan

Winter weather advisories have been issued for pretty much all of Wisconsin and Michigan, as snow and wind are expected, according to the National Weather Service (NWS). 

Freezing drizzle is possible this morning in much of central and eastern Wisconsin along with some light snow, the agency said. As much as 3 inches of snow are forecast for counties in central parts of the state. Road conditions are expected to be hazardous, and caution is advised. 

In southern Michigan, a light glaze is predicted amid freezing rain this morning and afternoon, the NWS said. Less than a tenth of an inch of ice is forecast along with under an inch of snow. 

“Roads, and especially bridges and overpasses, will likely become slick and hazardous,” the NWS said.