Corn Closes Up 3¢. Monday, December 16, 2024

March corn ended the day up 3¢ at $4.45 per bushel.

March soybeans closed down 9¢ at $9.86 per bushel.

March wheat contracts closed mixed. CBOT wheat ended the day down 2¼¢ at $5.50 per bushel. KC wheat was up 2¼¢ at $5.59¼ per bushel. Minneapolis wheat was up 1½¢ at $6.00 per bushel.

“The corn market rebuffed selling pressure from neighboring soybeans and wheat, closing near session highs, with bull spreading adding support to the front-month contracts,” said the Grain Market Insider newsletter by Stewart-Peterson Inc.

The newsletter said soybeans closed near session lows, as they were pressured by weakness in soybean oil and lower-than-expected crush numbers in the latest report from the National Oilseed Processors Association.

“The wheat complex closed in the lower half of the day’s range across all three classes, with Chicago contracts showing the most weakness as they closed lower for the third consecutive day,” said Grain Market Insider.

February live cattle ended the day down $2.05 at $189.98 per hundred weight (cwt). January feeder cattle closed down $2.10 at $255.55 per cwt. February lean hogs closed down $2.05 at $83.55 per cwt.

February crude oil is currently down 64¢.

December S&P 500 futures are currently up 20 points. December Dow futures are down 135 points.

Published: 3:54 p.m. CT

Corn and Wheat Higher: 10:57 a.m. CT

March corn is up 2½¢ this morning.

March soybeans are down 3¢.

March wheat contracts are higher. CBOT wheat is up 1½¢. KC wheat is up 5¼¢. Minneapolis wheat is up 4¢.

“Light buying gave the overnight session support as futures corrected from last week’s poor close,” said Karl Setzer, partner at Consus Ag Consulting. “There was very little fresh news to start the week, and this will likely be the case for the next several sessions. This is the last full week of trade for the calendar year and elevated positioning is a given. This will likely create choppy, volatile trade, but can easily open the door for favorable cash sales.”

The Federal Reserve’s Federal Open Market Committee is set to meet tomorrow and Wednesday. Setzer said an announcement is expected Wednesday afternoon on interest rates, and there is an 85% chance rates will be cut by a quarter of a percentage point.

February live cattle are down 25¢ this morning. January feeder cattle are down 50¢. February lean hogs are down $1.10.

February crude oil is down 63¢.

The U.S. Dollar Index March contract is down to 106.59.

December S&P 500 futures are up 25 points. December Dow futures are down 21 points.

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