Grains in the Green This Morning. Jan. 29, 2025
Grain prices started higher this morning after a stronger overnight session. March corn is up 8¢, December corn is up 5¢, March soybeans are up 7¢, November soybeans are up 7¢, and wheat is up 7¢–10¢.
Forecasts are having a strong impact on day-to-day changes to prices. Meaning the trade is very closely watching harvest progress reports and planting progress reports of second crop acres. Delayed harvest is due to wet conditions in many areas, while the delayed planting of second crop acres is tied to slow harvest pace. If the trend continues at current pace, the second crop acres will not be planted in the ideal timeframe for optimal yield. The trade will be on the edge of their seat for the next few weeks waiting for a significant change in forecasts that will either be bullish for grains or bearish.
Livestock prices are mostly lower after the open on Wednesday. March Feeder Cattle are down $1.10, February Live Cattle are down 60¢, February Lean Hogs are steady. The cattle sector has been on a steady streak of higher highs and higher lows for the past month. Prices for both front month contracts are hitting new all-time highs and the trend continues to look friendly. Cash markets for both Feeder Cattle and Live Cattle are very strong and that is helping to support futures prices on brief pullbacks. The funds are likely holding a new record long position in Live Cattle based on trade guesses heading into this weeks Commitment of Traders report. This is when things get interesting, meaning at the top, things can change quickly.
Outside markets are mixed. The U.S. dollar index is up 0.27 at 107.99, crude oil prices are down 41¢ at $73.60, S&P futures are down 2 points at 6089, Dow Jones Futures are up 88 points at 45,102 and gold futures are up $3 at $2774. The Federal Reserve board will announce their decision on any changes to short-term interest rates today. The market is split about whether they cut or hold steady. Economists feel the better decision now would be to sit tight and see how the economy gets going under the new White House administration.
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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