Grain Prices End Mixed Ahead of Holidays

Grain prices settled the holiday shortened session mixed. March corn was up 1¢, January soybeans were up 6¢, and wheat was down 5 to 7¢. March oats fell to the lowest level since early September as futures were down 11¢.

When futures resume trading on Thursday morning at 8:30 a.m. CT, will corn be able to push through the $4.51 resistance target? January soybeans need to get above the 20-day moving average ($9.84) before we are likely to see any new momentum traders enter the long side. 

Livestock futures were mostly lower at the 12:15 p.m. CT early close today. January feeder cattle were down 80¢ while December live cattle were down 20¢. February lean hogs were nearly unchanged at the closing bell after a slightly bearish USDA Hog and Pig report yesterday. Cash markets were quiet ahead of the holiday break. Will we see any changes in the cash market when trading resumes later this week?

Outside markets were mostly higher this afternoon ahead of the mid-week holiday break. The U.S. Dollar Index was up 0.18 at 108.02, crude oil was up 58¢ at $70.13, S&P 500 futures were up 63 points at 6,099, and gold was up $4 at $2,633.

There are only four trading days left in 2024! Will we see the markets remain calm in the last few days of the year, or will we see a rollercoaster of trading?

Published: 1:34 p.m. CT

Grain Prices Quiet Ahead of Holidays: 9:45 a.m. CT

Grain prices are quiet this morning ahead of the midweek holiday break. March corn is steady, January soybeans are up 3¢, CBOT wheat is down 4¢, Kansas City wheat is down 6¢, and spring wheat is down 5¢. March corn is closing in on the key resistance at $4.51, while January soybeans are nearly a dime away from the 20-day moving average. Wheat prices are trying to hold ground above the new contract lows etched last week. 

Grain futures stop trading today at 12:05 p.m. CT. Trading resumes at 8:30 a.m. CT on Thursday, Dec. 26.

Livestock futures are slightly lower this morning. January feeder cattle are down 40¢, December live cattle are down 20¢, and February lean hogs are down 35¢. Feeder cattle contracts have rebounded from the lows last week but are struggling to gain any momentum to break above the 20-day moving average. Live cattle traders are waiting to see where cash trades are for the week. 

Lean hog prices failed to break above the 20-day moving average on Monday and are now trying to work back above the 50-day moving average. If prices continue to slide lower, the lows from last week would be the next level of support. 

Livestock futures stop trading today at 12:15 p.m. CT. Trading resumes at 8:30 a.m. CT on Thursday, Dec. 26.

In the outside markets, the U.S. Dollar Index is up 0.06 at 107.91, crude oil futures are up 70¢ at $70.25, the S&P 500 futures are up 33 points at 6,069, and gold futures are down $4 at $2,625. Volume is light across nearly all markets, as trading desks are lightly populated ahead of the holiday. 

Published: 9:45 a.m. CT

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Editor’s Note: The risk of loss in trading futures and/or options is substantial, and each investor and/or trader must consider whether this is a suitable investment. Past performance – whether actual or indicated by simulated historical tests of strategies – is not indicative of future results. Trading advice reflects good-faith judgment at a specific time and is subject to change without notice. There is no guarantee the advice given will result in profitable trades.

About the Author: Bob Linneman is a commodities broker with Kluis Commodity Advisors. Linneman grew up on a diverse farm in eastern South Dakota. Between milking cows, managing a beef herd, and farming various crops, he experienced many aspects of agriculture firsthand. After graduating from North Dakota State University with a degree in business, he moved to Hawaii with his wife. There he was an associate portfolio manager for a fixed income firm that managed $2 billion in assets. After nearly two years in Hawaii, he moved back to the Midwest and began his career in commodities. Linneman is licensed as a Series 3 and Series 30 commodity broker.