Grains Slightly In the Red This Morning. Thursday, December 12, 2024

March corn is down 1½¢ this morning.

January soybeans are down less than a penny.

March wheat contracts are also lower. CBOT wheat is down 1¼¢. KC wheat is down 1½¢. Minneapolis wheat is down less than a penny.

This morning USDA released the weekly U.S. Export Sales report. Concerning the report, The Brock Report said:

“Net weekly U.S. corn export sales for the week ended Dec. 5 came in at 37.3 million bushels, toward the low end of trade expectations that ran 27.5-75 million bushels and down from the previous week’s sales of 69.1 million bushels…. Sales, however, were still above the weekly level needed to reach USDA’s new 2024/2025 export sales forecast of 2.475 billion bushels. The sales total looks neutral to slightly negative for corn prices.

“Net weekly U.S. soybean export sales came in at 43.1 million bushels, compared with trade expectations that ran 33-81 million bushels and the previous week’s sales of 92.2 million bushels. The sales total looks largely neutral for soybean prices.

“Soybean futures may find support, however, from USDA’s daily sales announcement that exporters have sold 334,000 metric tons of U.S. soybeans to unknown destinations for 2024/2025 delivery.

“Net weekly U.S. wheat export sales came in at 10.7 million bushels, compared with trade expectations that ran 9-22 million bushels and the previous week’s sales of 14.9 million. The sales total looks somewhat negative for wheat prices, although it was right on the level needed to reach USDA’s new 2024/2025 export forecast of 850 million bushels.”

February live cattle are up $1.15 this morning. January feeder cattle are up 80¢. February lean hogs are up 38¢.

January crude oil is down 62¢.

The U.S. Dollar Index December contract is down to 106.55.

December S&P 500 futures are down 18 points. December Dow futures are down 21 points.

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