Soybeans Close Nearly 28¢ Higher

March corn ended the day up 6¢ at $4.76½ per bushel.

March soybeans closed up 27¾¢ at $10.53 per bushel.

March wheat contracts also closed higher. CBOT wheat ended the day up 14¼¢ at $5.45 per bushel. KC wheat ended the day up 9¼¢ at $5.61 per bushel. Minneapolis wheat ended the day up 9¼¢ at $5.93½ per bushel.

On Friday 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.

Karl Setzer, partner at Consus Ag Consulting, said, “The favorable market reaction to last Friday’s USDA data carried over into today’s trade. Building concerns over South American production provided additional support as some analysts have started to scale back crop sizes in both Argentina and Brazil. At the same time, we have seen others adding to their production figures, which is only increasing market uncertainty and volatility. The soy complex took additional support from the return of China in the flash sales reporting system and another strong day in the energy complex.”

This morning USDA announced China is buying 198,000 metric tons of soybeans for the 2024/2025 marketing year.

Concerning wheat, the Grain Market Insider newsletter by Stewart-Peterson Inc. said, “Spillover strength from surging corn and soybean markets provided key support for the wheat rally.”

February live cattle ended the day down $1.38 at $197.40 per hundredweight (cwt). March feeder cattle ended the day down $1.50 at $267.90 per cwt. February lean hogs closed up 63¢ at $83.18 per cwt.

Published: 4:07 p.m. CT