Corn and Wheat Higher | Monday, December 16, 2024

March corn is up 2½¢ this morning.

March soybeans are down 3¢.

March wheat contracts are higher. CBOT wheat is up 1½¢. KC wheat is up 5¼¢. Minneapolis wheat is up 4¢.

“Light buying gave the overnight session support as futures corrected from last week’s poor close,” said Karl Setzer, partner at Consus Ag Consulting. “There was very little fresh news to start the week, and this will likely be the case for the next several sessions. This is the last full week of trade for the calendar year and elevated positioning is a given. This will likely create choppy, volatile trade, but can easily open the door for favorable cash sales.”

The Federal Reserve’s Federal Open Market Committee is set to meet tomorrow and Wednesday. Setzer said an announcement is expected Wednesday afternoon on interest rates, and there is an 85% chance rates will be cut by a quarter of a percentage point.

February live cattle are down 25¢ this morning. January feeder cattle are down 50¢. February lean hogs are down $1.10.

February crude oil is down 63¢.

The U.S. Dollar Index March contract is down to 106.59.

December S&P 500 futures are up 25 points. December Dow futures are down 21 points.

Published: 10:57 a.m. CT