Ahead of 9 a.m. CT, December corn was down less than a penny at $4.26¾ per bushel.
January soybeans were up 6¼¢ at $11.23¼ per bushel.
December CBOT wheat was up 3¼¢ at $5.31 per bushel. December KC wheat was up 1¾¢ at $5.21 per bushel. December Minneapolis wheat was up 1¾¢ at $5.59¾.
“This week will be full of yield estimates coming in before the much-anticipated WASDE [World Agricultural Supply and Demand Estimates] report on Friday. …” said Jacob Burks, chief experience officer with AgMarket.net. “I would anticipate a range-bound trade going through the week looking for real information to determine direction through the end of the year.”
Concerning soybeans, Burks said: “It’s hard to maintain a rally that’s built on information that only seems to be coming from one side of an agreement. There will need to be more factual information come from the Chinese side of the deal for the premium that was built into the market to remain. The latest news of reinstating the license of three major exporting companies from the U.S. is a solid step in that direction. At this point, it seems that the only way China will show up in a big way is if soybeans get a lot cheaper to be competitive with Brazil.”
For wheat, he noted: “Weather across the Wheat Belt seems to be a nonstory, as the cold snap has brought some widespread moisture. The focus of the global wheat business has migrated to the Black Sea region after the uptick in price at the beginning of last week. Maybe the sell-off at the end of the week will bring some business back to the U.S.”
Ahead of 9 a.m. CT, January feeder cattle were up $2.90 at $322.48 per hundredweight (cwt). December live cattle were down 8¢ at $221.28 per cwt. December lean hogs were up $1.83 at $81.23 per cwt.
December crude oil was up 4¢ at $59.79 per barrel.
The U.S. Dollar Index December contract was up to 99.48.
The S&P 500 Index was up 80.52 points, and the Dow Jones Industrial Average was up 242.46 points.
Published: 9:29 a.m. CT
