Grains Start Day Lower | Friday, Jan. 24, 2025

Just ahead of 9 a.m. CT, March corn was down 3¼¢.

March soybeans were down 9¢.

March wheat contracts were also down. CBOT wheat was down 8½¢. KC wheat was down 11½¢. Minneapolis wheat was down 9½¢.

This morning, USDA released the weekly U.S. Export Sales report for the week that ended Jan. 16. It was delayed one day because Monday was a holiday.

Concerning corn, soybean, and wheat net export sales for the 2024/2025 marketing year, The Brock Report said: “Corn net export sales of 1.66 million metric tons were at the high end of trade guesses that ran 700,000–1.7 million metric tons. Soybean export sales of 1.49 million metric tons compared to trade guesses of 600,000–1.8 million metric tons. In both cases, sales were up notably from recent weeks, and the demand was particularly strong given the rally in the markets. Wheat net export sales were less impressive at 164,800 metric tons, shy of trade guesses that ran 200,000-600,000.”

Speaking of trade, the Commstock Report offered this commentary this morning:

“Here is the bullish headline that garnered zero positive traction: President Trump has switched his tone on China, saying he’d rather not put tariffs on the world’s second-largest economy. While not ruling it out, it is a much more dovish attitude…. Most likely, Trump is using this dovish tone to get China to lean on Russia and end the war in Ukraine, which would undoubtedly be something he would make the headline for and deliver on a campaign promise.”

April live cattle were up 65¢ ahead of 9 a.m. CT. March feeder cattle were up 70¢. April lean hogs were up 5¢.

March crude oil was down 7¢.

The U.S. Dollar Index March contract was down to 107.39.

March S&P 500 futures were up 4 points. March Dow futures were down 144 points.

Published: 9:23 a.m. CT