Grains in the Red to Start the Week. Monday, Jan. 27, 2025
Just past 8:30 a.m. CT, March corn was down 4¾¢.
March soybeans were down 9½¢.
March wheat contracts were also lower. CBOT wheat was down 2½¢. KC wheat was down 1½¢. Minneapolis wheat was down 1½¢.
This morning, USDA announced Mexico is buying 139,000 metric tons of corn for the 2024/2025 marketing year.
Naomi Blohm, senior market advisor at Total Farm Marketing, said it is likely to be volatile week for the grain markets. She also said grains are at a tipping point, with supportive factors including lower U.S. ending stocks, robust export and ethanol demand, and dry weather in Argentina. Factors she said would send prices higher include avoiding trade wars, poor weather for Brazil’s second corn crop, positive biofuel news, and poor U.S. weather this spring and summer.
“Markets are aware that this Saturday (Feb. 1) is when tariffs go into effect for Mexico, Canada, and China,” she added.
April live cattle were down 33¢ a little past 8:30 a.m. CT. March feeder cattle were up 8¢. April lean hogs were up 10¢.
March crude oil was down 23¢.
The U.S. Dollar Index March contract was down to 106.97.
March S&P 500 futures were down 108 points. March Dow futures were down 198 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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