Wheat making gains this morning. Monday, November 18, 2024
December corn and January soybeans are both up 3¼¢ this morning.
March wheat contracts are making double-digit gains. CBOT wheat is up 12¾¢. KC and Minneapolis wheat are up 13¾¢.
Discussing gains wheat made in the overnight trade, The Brock Report said wheat was supported by “technically-driven short covering and fears the Ukraine-Russia war will escalate following President Biden’s decision to allow Ukraine to use U.S. weapons against targets inside Russia.”
USDA announced new export sales this morning:
- India is buying 30,000 metric tons of soybean oil for the 2024/2025 marketing year.
- Mexico is buying 261,264 metric tons of soybeans for the 2024/2025 marketing year.
- The Philippines are buying 135,000 metric tons of soybean cake and meal for the 2024/2025 marketing year.
February live cattle are up 58¢. January feeder cattle are up 18¢. February lean hogs are up 73¢.
January crude oil is up $1.79.
The U.S. Dollar Index December contract is down to 106.45.
December S&P 500 futures are up 10 points. December Dow futures are down 62 points.
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