Soybeans trading below $12. January 29, 2024

March corn is down 8½¢, trading below $4.40.

March soybeans are down 14¼¢, trading below $12.

CBOT wheat is down 9¢. KC wheat is down 14¢. Minneapolis wheat is down 10¢.

“Grains are all weaker in overnight trade with wheat down the most,” said the Commstock Report prior to this morning’s open. “It’s a combination of bearish factors at work. First there was the selling that set in late last week when the Buenos Aires Grain Exchange hiked its estimates for both soybean and corn production above USDA’s January WASDE estimates and sharply falling Brazilian prices to the point where a cargo of Brazilian beans may have been sold for delivery to the U.S. East Coast.

“The rally in wheat came to a sudden end on reports that not only was Argentina’s wheat crop also higher than USDA’s estimate, but that China had changed policy to begin accepting Argentine wheat….

“U.S. politics have added to the woes for grain. Over the weekend, former President Trump entered the debate over pending funding for border control and the Ukrainian war effort, but also the need for much tougher trade policy with China. It’s been characterized as threatening a “new trade war” with punitive tariffs on Chinese imports near certain to invite retaliation.”

Crude oil is down $1.22.

S&P 500 futures are up a point. Dow futures are down 3 points.

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