Soybeans Down 8¢ | Friday, December 13, 2024

March corn is down less than a penny this morning.

March soybeans are down 8¢.

This morning USDA announced unknown destinations are buying 200,000 metric tons of soybeans for the 2024/2025 marketing year.

March wheat contracts are mixed. CBOT wheat is down 4¢. KC wheat is down 3¼¢. Minneapolis wheat is unchanged.

“After testing overhead resistance levels mid-week, corn futures are now 10¢ off the highs,” said Naomi Blohm, senior market advisor at Total Farm Marketing, prior to the open of Friday’s day trade. “Support is at $4.40, then $4.35, with big support at $4.30, which is the bottom of the uptrend line and near the 100-day moving average.

“Over the past decade, the ‘Christmas rally’ for March corn futures has averaged 33¢. This rally almost made it to 26¢. Will the rally continue into year end? Or will corn go back into range trading? Four out of the past 10 years, the rally stopped in conjunction with the December WASDE.”

February live cattle are up 58¢ this morning. January feeder cattle are up 40¢. February lean hogs are up 25¢.

January crude oil is up 61¢.

The U.S. Dollar Index December contract is up to 107.06.

December S&P 500 futures are up 8 points. December Dow futures are down 36 points.

Published: 9:27 a.m. CT