Soybeans Down Nearly 15¢. Wednesday, December 18, 2024
March corn is down less than a penny this morning.
March soybeans are down 14½¢.
Naomi Blohm, senior market advisor at Total Farm Marketing, says the Christmas rally is over for March soybeans, as a head and shoulders chart formation has taken shape.
“The Christmas rally only amounted to 25¢ this year, as the good crop weather in South America and 470-million-bushel U.S. carryout continues to weigh on prices,” she said.
She noted the current chart formation indicates March soybeans could go as low as $9 per bushel.
“Last year, in hindsight, this formation occurred this time of year for soybeans, and it took one month for prices to lose $1,” she said. “Then soybean prices lost an additional $1 in February.”
March wheat contracts are higher this morning. CBOT wheat is up 4¢. KC wheat is up 3½¢. Minneapolis wheat is up 2¼¢.
This morning USDA announced Colombia is buying:
- 135,000 metric tons of corn for the 2024/2025 marketing year;
- 120,000 metric tons of soybean cake and meal for the 2024/2025 marketing year.
February live cattle are down 35¢ this morning. January feeder cattle are down 40¢. February lean hogs are up 13¢.
February crude oil is up 76¢.
The U.S. Dollar Index March contract is up to 106.71.
March S&P 500 futures are up 6 points. March Dow futures are up 124 points.
Further development of the grain and oilseed markets of Ukraine and the Black Sea region will be in the spotlight of the BLACK SEA GRAIN. KYIV conference, taking place on April 22–23 in Kyiv. The event will focus on strategic directions for the agricultural sector through 2030, including investments, energy independence, processing, and exports of high-value products.
Join strategic discussions and networking with industry leaders to gain актуальна insights, discover new business opportunities, and build partnerships with key market players.
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