:max_bytes(150000):strip_icc()/burgumnd-2048x1366-c8e162fa47ba43109ad4258c270f12f6.jpg "Democrats Say U.S. Senate Republicans Rushing Confirmation of Interior Nominee Burgum")
:max_bytes(150000):strip_icc()/iStock-1033160390-2000-9958212ba88a43bc9812e68c6cc78160.jpg "Coming Argentina Rains Seen Limiting Drought Damage to Soy, Corn Crops")
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:max_bytes(150000):strip_icc()/Busakorn20Pongparnit_1253793575-2000-9a17b63f8b8b425794170cde1c6a8021.jpg "Corn Closes Down 4¢ | Wednesday, Jan. 8, 2025")
March corn ended the day down 4¢ at $4.54 per bushel.
March soybeans closed down 2¾¢ at $9.94½ per bushel.
March wheat contracts also closed lower. CBOT wheat closed down 6¼¢ at $5.36¼ per bushel. KC wheat was down 5½¢ at $5.50¼ per bushel. Minneapolis wheat was down 9¾¢ at $5.85 per bushel.
“Corn prices edged lower Wednesday ahead of Friday’s WASDE [World Agricultural Supply and Demand Estimates] report, pressured by weaker ethanol production and declines in wheat,” said the Grain Market Insider newsletter by Stewart-Peterson Inc.
“Soybean futures posted minimal losses as improved precipitation forecasts in Argentina weighed on prices.
“Wheat futures fell midweek after early strength, pressured by a stronger U.S. dollar.”
February live cattle closed down $1.88 at $193.70 per hundredweight (cwt). March feeder cattle closed down $2.95 at $264.98 per cwt. February lean hogs closed up 30¢ at $79.48 per cwt.
Tomorrow is the National Day of Mourning in honor of former President Jimmy Carter. Grain markets will close early at 12:15 p.m. CT.
Published: 4:01 p.m. CT
Soybeans Down Nearly 3¢: 9:03 a.m. CT
March corn is down 1½¢ this morning.
March soybeans are down 2½¢.
This morning USDA announced unknown destinations are buying 120,000 metric tons of soybeans for the 2024/2025 marketing year.
March wheat contracts are also lower this morning. CBOT wheat is down 6¢. KC wheat is down 6½¢. Minneapolis wheat is down 7¼¢.
Al Kluis, managing director of Kluis Commodity Advisors, said he is keeping an eye on the January-to-March soybean spread.
“The narrowing of the spread is a positive signal for soybean prices,” he said. “I will be watching what the USDA reports indicate on Friday, but most important is the market reaction.”
On Friday, Jan. 10, USDA is expected to release several reports, including the monthly WASDE report, the quarterly Grain Stocks report, the annual Winter Wheat and Canola Seedings report, and the Crop Production 2024 Summary.
February live cattle are up 10¢ this morning. March feeder cattle are up 10¢. February lean hogs are up 3¢.
February crude oil is up 6¢.
The U.S. Dollar Index March contract is up to 109.03.
March S&P 500 futures are down 10 points. March Dow futures are down 144 points.
Published: 9:03 a.m. CT
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