January Soybeans Recoup Yesterday’s Loss

December corn ended the day up 3¾¢ at $4.35¼ per bushel.

January soybeans closed up 12¾¢ at $11.34¼ per bushel.

December CBOT wheat closed up 4½¢ at $5.54¾ per bushel. December KC wheat was up 3½¢ at $5.40 per bushel. December Minneapolis wheat was down a penny at $5.56¼.

“Soybean futures ended higher Wednesday, supported by China’s decision to lift select tariffs on U.S. agricultural goods,” said the Grain Market Insider newsletter by Stewart-Peterson Inc. 

At the close, January soybeans had regained yesterday’s loss.

The newsletter later noted: “Beijing’s decision to lift select tariffs on U.S. agricultural goods provided support across both the grain and equity markets. While U.S. soybeans remain priced at a premium to South American offerings, China’s return as an active buyer has helped fuel renewed fund buying and a bullish tone across the complex.”

December live cattle ended the day down $7.25 at $220.53 per hundredweight (cwt). January feeder cattle closed down $9.25 at $319.98 per cwt. December lean hogs were up 68¢ at $80.60 per cwt.

“Cattle futures were again in the red to start today as long liquidation weighed on both feeder and live contracts,” said Karl Setzer, partner at Consus Ag Consulting. “This was all technical as the cattle market fundamentals remain supportive, mainly simple cattle numbers. The U.S. cattle inventory remains at historically low levels which takes time to rebuild. Interior auctions show demand is building for replacements calves which are bringing a higher premium than heavyweights.”

Published: 3:53 p.m. CT

Soybeans Up More Than 5¢: 9:09 a.m. CT

As of 8:40 a.m. CT, December corn was up a penny at $4.32½ per bushel.

January soybeans were up 5½¢ at $11.27 per bushel.

December CBOT wheat was down 2¢ at $5.48¼ per bushel. December KC wheat was down 2½¢ at $5.34 per bushel. December Minneapolis wheat was down less than a penny at $5.56½.

“Tuesday’s setback by soybean futures appears to have been a simple correction, rather than a market turnaround, as soybean contracts showed renewed strength in early trading after China confirmed it was cutting tariffs on U.S. farm products,” said The Brock Report of the overnight session. “Overnight gains were limited, though, by the continued absence of confirmation of Chinese buying. Corn futures were pulled to small gains by the soybean market strength, while wheat futures drifted slightly lower on speculative profit taking amid a lack of supportive fundamental news.”

As of 8:40 a.m. CT, January feeder cattle were down $5.20 at $324.03 per hundredweight (cwt). December live cattle were down $2.58 at $225.20 per cwt. December lean hogs were up 35¢ at $80.28 per cwt.

December crude oil was down 42¢ at $60.14 per barrel.

The U.S. Dollar Index December contract was unchanged at 100.07.

As of 8:36 a.m. CT, the S&P 500 Index was down 5.36 points, and the Dow Jones Industrial Average was up 44.59 points. 

Published: 9:09 a.m. CT