Corn Closes Up 6¢. Tuesday, Dec. 31, 2024
The grain markets continued higher today, with an impressive late-day rally. It was unusual, with the U.S. dollar rallying to new highs. The grain, metals, and energy markets also moved higher. The stock market was hit hard on Monday and is under pressure again today.
The dry weather in Argentina and the forecast for hot, dry conditions now into late January in Argentina and southern Brazil are bringing speculators and global buyers into the corn and soybean futures market.
Corn futures closed 6¢ higher. Soybean futures closed 16¢–18¢ higher. Wheat futures closed 2¢–4¢ higher.
Corn futures closed at the highest price level since June, and the nearby soybean market posted a hook reversal higher on the monthly soybean chart, with the nearby January futures closing above $9.00 today.
In the livestock markets today, February lean hogs closed down 30¢ at $81.30, February live cattle closed $1.35 higher at $190.60, and March feeder cattle closed $1.95 higher at $262.97.
The grain markets are closed on New Year’s Day, and the markets will open at 8:30 a.m. Thursday, Jan. 2, 2025.
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