December corn closes lower for second consecutive week

December corn ended the day down 2¢ and the week down 11¢. This was the second consecutive week the contract closed lower.

November soybeans closed down 18¾¢ for the day. Week-over-week the contract was down 35½¢. This was the third week in a row November soybeans closed lower.

December wheat contracts closed lower for the day and the week, breaking a three-week streak of higher closes. CBOT wheat ended the day down 16¾¢. KC wheat closed down 15¼¢. Minneapolis wheat was down 12¼¢.

“Despite strong export sales, the corn market was pressured by sharp declines in both soybeans and wheat, along with hedge activity ahead of the weekend…” said the Grain Market Insider newsletter by Stewart-Peterson Inc. The newsletter noted the December contract is seeing resistance at $4.08 a bushel.

Grain Market Insider said soybeans were “pressured by hedging ahead of the weekend’s harvest activity, an improved South American weather outlook, and weakness in both meal and oil.”

Concerning wheat, the newsletter said, “…the complex came under heavy selling with reports that Russia is seeking to sell wheat directly to ‘sovereign buyers,’ which may limit U.S. export sales to some key countries.”

December live cattle closed up $1.15. January feeder cattle were up $2.38. December lean hogs were up 15¢.

December crude oil is currently down $1.29.

December S&P 500 futures and Dow futures are currently up 21 points and 29 points, respectively.

Published: 3:49 p.m. CT

December corn slightly higher this morning: 9:11 a.m. CT

December corn is up less than a penny this morning.

November soybeans are down less than a penny.

December wheat contracts are in the red. CBOT wheat is down 10¢. KC wheat is down 5½¢. Minneapolis wheat is down 5¾¢.

This morning USDA announced another round of sales to Mexico and unknown destinations:

• Mexico is buying 21,000 metric tons of soybean oil for the 2024/2025 marketing year.
• Unknown destinations are buying 125,000 metric tons of corn for the 2024/2025 marketing year, and 292,800 metric tons of soybeans for the 2024/2025 marketing year.

USDA also released the weekly U.S. Export Sales report this morning for the week ending Oct. 10. Net corn export sales for 2024/2025 were pegged at 2.23 million metric tons. Bryant Sanderson, commodity broker with CHS Hedging, said expectations ranged from 1.2 to 2.2 million.

Net soybean export sales for the same marketing year were pegged at 1.7 million metric tons. Sanderson said the expected range was 1 to 2.2 million.

Net wheat export sales for 2024/2025 were reported at 504,100 metric tons, which USDA said was up 16% from the previous week and 57% from the prior four-week average.

December live cattle are up 25¢ this morning. January feeder cattle are up 88¢. December lean hogs are up 55¢.

December crude oil is down $1.04.

The U.S. Dollar Index December contract is down to 103.34.

December S&P 500 futures are up 2 points. December Dow futures are down 188 points.

Published: 9:11 a.m. CT