Market Update: Corn Rises, Soybeans Slide Ahead of Year-End Positioning

As trading commenced just before 9:30 a.m. CT, the agricultural markets showed mixed results. March corn registered a modest increase of ½¢, settling at $4.41 per bushel, while March soybeans fell by 6¾¢, priced at $10.55½ per bushel.

Year-End Trade Insights

Karl Setzer, a partner with Consus Ag Consulting, emphasized that “final positioning for year end will be a primary objective in Wednesday’s trade.” He noted that many traders might be absent until the following week, contributing to limited trading volumes. The anticipation grows for the January WASDE report, scheduled for the 12th, which is highly regarded for its final old crop production data. Along with this, quarterly stocks data will also be released on the same date. Until these data points are made available, market focus is likely to remain on weather conditions in South America and the ongoing harvest data from Brazil.

Wheat and Livestock Market Movements

In the wheat markets, March CBOT wheat dipped by 1½¢, now priced at $5.09¼ per bushel. Kansas City wheat saw a decrease of 4¼¢, trading at $5.17¾ per bushel, while March Minneapolis wheat dropped by 1¢ to reach $5.63 per bushel.

On the livestock front, February live cattle rose by 90¢ to $231.37 per hundredweight (cwt). March feeder cattle increased by 92¢, now at $345.50 per cwt, and February lean hogs climbed 45¢ to $85.90 per cwt.

General Market Context

At 9:25 a.m. CT, February crude oil was up by 26¢, trading at $58.21 per barrel. However, the broader stock market reflected a downturn, with the S&P 500 Index dropping by 15.59 points and the Dow Jones Industrial Average falling by 135.32 points. The March U.S. Dollar Index also showed strength, increasing by 255 points.

As traders navigate this dynamic landscape, the focus will remain on upcoming reports and weather conditions which could significantly impact market trends.

Published: 9:30 a.m. CT

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