March Corn Closes at Highest Price in Over Six Months

March corn ended the day up 14½¢ at $4.70½ per bushel. This was the highest daily close in over six months and higher than last week’s close by nearly 20¢.

March soybeans closed up 26¼¢ at $10.25¼ per bushel. This was the highest daily close for the contract in nearly two months and 33½¢ higher than last week’s close.

While March wheat contracts ended the week higher, they ended the day mixed. CBOT wheat ended the day down 3¼¢ at $5.30¾ per bushel. KC wheat ended the day up 1½¢ at $5.51¾ per bushel. Minneapolis wheat ended the day up less than a penny at $5.84¼ per bushel.

Earlier today USDA released several reports, including the Crop Production 2024 Summary — where corn and soybean yield and production estimates were pegged lower than the average trade expectation — and the January World Agricultural Supply and Demand Estimates (WASDE) report, which lowered 2024/2025 corn and soybean ending stocks more than expected.

“Lower-than-expected yield and production [estimates] for corn and soybeans sent futures prices soaring,” said Naomi Blohm, senior market advisor at Total Farm Marketing. “With corn ending stocks now pegged at 1.54 billion bushels, old-crop corn futures should likely nestle into a new trading range of $4.60–$4.85. New-crop corn … struggles to trade above $4.50 on the idea of higher production ahead…. The funds — already long — have been hinting at a friendly corn market. Today’s USDA reports solidify the sentiment.”

February live cattle ended the day up $1.18 at $198.78 per hundredweight (cwt). March feeder cattle ended the day up $1.10 at $269.40 per cwt. February lean hogs closed up 78¢ today at $82.55 per cwt.

February crude oil closed up $2.65.

March S&P 500 futures closed down 93 points. March Dow futures closed down 718 points.

Published: 4:24 p.m. CT

Grains Mixed Ahead of WASDE: 9:18 a.m. CT

March corn is up a penny this morning.

March soybeans are up 8¢.

March wheat contracts are lower this morning. CBOT wheat is down 2½¢. KC wheat is down 1¾¢. Minneapolis wheat is down less than a penny.

This morning, USDA released the weekly U.S. Export Sales report, covering the week that ended Jan. 2. The net export sales totals for the 2024/2025 marketing year that USDA reported for corn, soybeans, and wheat were all marketing-year lows.

Later today, USDA is expected to release several more 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 55¢ this morning. March feeder cattle are up $1.60. February lean hogs are up 68¢.

February crude oil is up $3.24.

The U.S. Dollar Index March contract is up to 109.44.

March S&P 500 futures are down 72 points. March Dow futures are down 391 points.

Published: 9:18 a.m. CT