Corn and Soybeans Choppy This Morning. Monday, December 23, 2024
March corn and soybeans have been choppy so far this morning and not trading too far from unchanged. March corn is currently up less than a penny, while March soybeans are down 1¼¢.
“I think that the low last week in soybeans will prove to be a long-term low on the soybean chart,” said Al Kluis, managing director of Kluis Commodity Advisors. “Not getting super bullish, but the market is really cheap and end users around the world are stepping in to buy.”
USDA announced new corn and soybean export sales this morning:
- Unknown destinations are buying 132,000 metric tons of corn for the 2024/2025 marketing year.
- China is buying 132,000 metric tons of soybeans for the 2024/2025 marketing year.
March wheat contracts are higher this morning. CBOT wheat is up 3¾¢. KC wheat is up 2¾¢. Minneapolis wheat is up 3¼¢.
It’s a holiday week and grain markets will close early tomorrow at 12:05 p.m. CT. They reopen at 8:30 a.m. CT on Thursday. Naomi Blohm, senior market advisor at Total Farm Marketing, said holiday weeks can be quiet or volatile because of the low volume of trade.
February live cattle are down 60¢ this morning. March feeder cattle are down 15¢. February lean hogs are down $1.23.
February crude oil is down 36¢.
The U.S. Dollar Index March contract is up to 107.99.
March S&P 500 futures are down 11 points. March Dow futures are down 305 points.
Further development of the grain sector in the Black Sea and Danube region will be discussed at the 23 International Conference BLACK SEA GRAIN.KYIV on April 24 in Kyiv.
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