Grains Open Mixed | Friday, December 27, 2024

Grain markets opened mixed on Friday after a strong close Thursday. 

The USDA’s weekly U.S. Export Sales report was released this morning, delayed one day because of the midweek holiday. The report was friendly for wheat and corn, while soybean sales were slightly disappointing. 

The net sales numbers from the report were: 

• 612,400 metric tons for wheat 
• 1,711,300 metric tons for corn 
• 978,400 metric tons for soybeans.  

As traders wrap up the week, they will be keeping an eye on key moving-average lines on the daily charts.

Livestock futures opened quietly mixed on Friday morning. Cash trade has been very light this week, which many traders expected with the holiday midweek. Cash cattle are expected to trade sometime today. Packers are starting out with bids at $190 per hundredweight (cwt), while feedlots are hoping to sell closer to $200 per cwt.

Outside markets are mixed this morning. The U.S. Dollar Index is steady. Crude oil is up 50¢ per barrel. S&P 500 futures are down 70 points. As we head into the end of the month and wrap up trading for 2024, will we see a new trend develop for the beginning of 2025? 

Published 10:10 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.