Soybeans Close Down Nearly 24¢

March corn ended the day down 4¼¢ at $4.74½ per bushel.

March soybeans closed down 23¾¢ at $10.19 per bushel.

March wheat contracts also closed lower. CBOT wheat was down 9½¢ at $5.37½ per bushel. KC wheat was down 9¼¢ at $5.48¼ per bushel. Minneapolis wheat was down 6¢ at $5.81½ per bushel.

The Grain Market Insider newsletter by Stewart-Peterson Inc. said corn was pressured today by improved South American weather and Canada’s counter-tariffs plan, in preparation for the possibility of new U.S. tariffs under President-elect Donald Trump’s administration.

“The Canadian government proposed a counter-tariff plan on U.S. imports totaling $105 billion,” said the newsletter. “One item that may be impacted could be U.S. ethanol imports, which approximately 35% of U.S. exported ethanol goes to Canada.”

Concerning soybeans, the newsletter said they “closed lower for the third consecutive day, pressured by overbought conditions and improving weather forecasts in South America.”

April live cattle, March feeder cattle, and April lean hogs also ended the day in the red.

Published: 4:25 p.m. CT

Soybeans Down Nearly 17¢: 9:42 a.m. CT

Less than a quarter after 9 a.m. CT, March corn was down 4¢.

March soybeans were down 16¾¢.

March wheat contracts were also in the red. CBOT wheat was down 4¢. KC wheat was down 5¾¢. Minneapolis wheat was down 4¼¢.

Naomi Blohm, senior market advisor at Total Farm Marketing, said grain prices are lower this morning because of an improved weather forecast for Argentina and position squaring ahead of the three-day weekend.

Earlier this morning, USDA released the weekly U.S. Export Sales report, covering the week that ended Jan. 9. For the 2024/2025 marketing year, net sales of corn and wheat were above the trade’s expected range while soybean sales were within the expected range.

USDA also announced new export sales this morning:

• China is buying 132,000 metric tons of soybeans for the 2024/2025 marketing year.
• Taiwan is buying 135,000 metric tons of corn for the 2024/2025 marketing year. 

At 9:12 a.m. CT, April live cattle were down $1.75. March feeder cattle were down $2.65. April lean hogs were down 78¢. March crude oil was down 54¢.

The U.S. Dollar Index March contract was down to 108.92 at 9:13 a.m. CT. March S&P 500 futures were down 7 points. March Dow futures were down 101 points.

Published: 9:42 a.m. CT

Note: Trade expectations are sourced from Bloomberg.