Corn and Soy Start Day in Red. Tuesday, Jan. 7, 2025
March corn is down 4¢ this morning.
Earlier this morning USDA announced Colombia is buying 110,000 metric tons of corn for the 2024/2025 marketing year.
March soybeans are down 10¢.
March wheat contracts are higher this morning. CBOT wheat is up less than a penny. KC wheat is up 3¾¢. Minneapolis wheat is up 3¼¢.
“Corn and soybean futures came under renewed pressure in early trading, with soybean futures weakest, under pressure from forecasts for needed rain in Argentina, large Brazilian crop prospects and technically-driven selling,” said The Brock Report this morning about the overnight trade. “Corn futures losses have been limited by expectations for USDA to lower its 2024/2025 U.S. carryout further on Friday.”
On Friday, Jan. 10, USDA is expected to release several reports, including the monthly World Agricultural Supply and Demand Estimates (WASDE) report, in which corn ending stocks may be adjusted.
February live cattle are up 13¢ this morning. March feeder cattle are up 63¢. February lean hogs are up 40¢.
February crude oil is up 59¢.
The U.S. Dollar Index March contract is down to 108.03.
March S&P 500 futures are up 11 points. March Dow futures are up 186 points.
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