Corn and soy in the red. Tuesday, December 19, 2023
March corn is down 3¼¢.
January soybeans are down 11¼¢.
CBOT wheat is up 4¼¢. KC wheat is up 9¢. Minneapolis wheat is up 8¢.
“Soybean futures are lower this morning and have given back all of yesterday’s gains as scattered showers fall in Brazil with a friendlier long-term forecast,” said the Grain Market Insider newsletter by Stewart-Peterson Inc. this morning prior to the 8:30 a.m. CST open. “Yesterday’s rally can be attributed to Argentina’s proposal to increase export taxes on soybean meal and oil to 33% from 31%. Trade had initially expected the Argentine government to enact policy that was more friendly to producers.”
USDA announced a new soybean export sale this morning. Unknown destinations are buying 132,000 metric tons for the 2023/2024 marketing year.
Live cattle are up 15¢ this morning. Feeder cattle are up 3¢. Lean hogs are down 53¢.
Crude oil is up 61¢.
S&P 500 futures are up 18 points. Dow futures are up 167 points.
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