Soybeans Down Nearly 3¢. Wednesday, Jan. 8, 2025
March corn is down 1½¢ this morning.
March soybeans are down 2½¢.
This morning USDA announced unknown destinations are buying 120,000 metric tons of soybeans for the 2024/2025 marketing year.
March wheat contracts are also lower this morning. CBOT wheat is down 6¢. KC wheat is down 6½¢. Minneapolis wheat is down 7¼¢.
Al Kluis, managing director of Kluis Commodity Advisors, said he is keeping an eye on the January-to-March soybean spread.
“The narrowing of the spread is a positive signal for soybean prices,” he said. “I will be watching what the USDA reports indicate on Friday, but most important is the market reaction.”
On Friday, Jan. 10, USDA is expected to release several reports, including the monthly World Agricultural Supply and Demand Estimates (WASDE) report, the quarterly Grain Stocks report, the annual Winter Wheat and Canola Seedings report, and the Crop Production 2024 Summary.
February live cattle are up 10¢ this morning. March feeder cattle are up 10¢. February lean hogs are up 3¢.
February crude oil is up 6¢.
The U.S. Dollar Index March contract is up to 109.03.
March S&P 500 futures are down 10 points. March Dow futures are down 144 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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