Corn Closes Higher After “Choppy” Trade. Tuesday, November 5, 2024
December corn ended the day up 2¢.
January soybeans were up 4½¢ at the close.
December wheat contracts also closed higher. CBOT wheat was up 3¾¢. KC wheat was up 5¾¢. Minneapolis wheat was up 5½¢.
“Today’s trade was choppy which was not unexpected,“ said Karl Setzer, partner at Consus Ag Consulting. ”All interest today was on the U.S. Presidential Election even though it may be days before we know the official results.
“South American weather continues to improve and now soybean planting is moving at a rapid pace but there are still concerns over long-range conditions. Trade is also showing more interest in regions of the world reporting oilseed crop losses rather than the South American crop outlook.
“Estimates for Friday’s WASDE [World Agricultural Supply and Demand Estimates] report are starting to come out with few changes from October. Corn and soybean carryout is expected to slip slightly lower and wheat hold steady. The technical picture provided additional support today, as did thoughts we will see another 25-basis point [0.25 percentage point] reduction to interest rates from the Federal Reserve this week.”
December live cattle closed down 30¢. January feeder cattle were down 8¢. December lean hogs closed down $2.10.
December crude oil is currently up 74¢.
December S&P 500 futures and Dow futures are currently up 60 points and 365 points, respectively.
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