Corn and Soy in the Green. Thursday, Jan. 23, 2025

Near the top of the 9 a.m. CT hour, March corn was up 4¢.

March soybeans were up 6¢.

March wheat contracts were down. CBOT wheat was down 1¼¢. KC wheat was down 4½¢. Minneapolis wheat was down 3¢.

“Corn and soybean prices continue to consolidate near this week’s highs as traders assess if the current rally has staying power amid increasing chances for showers in dry areas of southern Brazil and Argentina,” Arlan Suderman, chief commodities economist at StoneX, said. “Argentina will continue to struggle with low rainfall amounts in the near-term, but it won’t be totally dry either, with some indications that things may improve as we move into February, but confidence is low.

“Meanwhile, wheat prices are struggling to sustain the recent short-covering rally due to this week’s winter kill event … as the damage assessment won’t be possible until the crop breaks dormancy in 4-6 weeks. Yet, the tightening global balance sheet also continues to provide underlying support on price breaks.”

April live cattle were down 35¢ just past 9 a.m. CT. March feeder cattle were down 85¢. April lean hogs were down 73¢.

March crude oil was up 48¢.

The U.S. Dollar Index March contract was up to 108.09.

March S&P 500 futures were down 7 points. March Dow futures were up 98 points.

Tags: live cattle, feeder cattle, lean hogs, corn, soybeans, wheat, futures