Grains kick of day in the green. Tuesday, December 5, 2023

March corn is currently up 4¼¢.

January soybeans are up 3¾¢.

CBOT wheat is up 12½¢. KC wheat is up 8½¢. Minneapolis wheat is up 7¢.

This morning USDA announced China is buying 198,000 metric tons of soft red winter wheat for delivery during the 2023/2024 marketing year. This is the second day in a row a Chinese purchase of U.S. wheat was announced.

Naomi Blohm, senior market advisor for Total Farm Marketing, says China’s buying may even have an impact on this week’s World Agricultural Supply and Demand Estimates (WASDE) report.

“There is a monthly USDA WASDE report on Friday,” she says. “Trade will be looking for any increases in corn demand for ethanol and potentially an uptick in wheat export demand thanks to yesterday’s big purchase from China.”

Livestock are mixed this morning. Live cattle are up 53¢. Lean hogs are down $1.35. Feeder cattle are up $2.23.

Crude oil is up 79¢.

S&P 500 futures are down 7 points. Dow futures are down 191 points.

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