Market Update: Corn and Soybeans Show Steady Gains

As the market closed on a positive note, March corn experienced a modest increase of 3½ cents, settling at $4.51 per bushel. Meanwhile, January soybeans rose by 12¾ cents, reaching $10.76½ per bushel.

Cole Raisbeck, a commodities broker from Kluis Commodity Advisors, commented on the soybean market, stating, “Soybeans have so far managed to hold last week’s low, which will be an important level to maintain through the end of the week.” He added, “Even if a short-term low has been established, that does not necessarily mean the market will move sharply higher. Soybeans may consolidate back into a trading range heading into the new year.”

Wheat and Livestock Market Overview

In the wheat sector, March CBOT wheat advanced by 4¾ cents, closing at $5.21¾ per bushel. Notably, March Kansas City wheat jumped 6 cents to finish at $5.34 per bushel, while March Minneapolis wheat saw a slight increase of 1½ cents, ending at $5.68 per bushel.

In the livestock market, February live cattle saw a decrease of $1.45, settling at $228.55 per hundredweight (cwt). Meanwhile, March feeder cattle dropped by 20 cents to $338.80 per cwt, and February lean hogs were down 92 cents, closing at $85.05 per cwt.

Crude Oil and Stock Market Performance

In energy, January crude oil saw a slight rise of 2 cents, priced at $58.40 per barrel.

The stock market also reflected positive movements, with the S&P 500 Index increasing by 22.26 points and the Dow Jones Industrial Average rising by 288.75 points. In currency markets, the December U.S. Dollar Index was up 68 points.

Morning Market Insights

Earlier in the day, before 9:30 a.m. CT, March corn was up 2¼ cents, trading at $4.49¾ per bushel, while January soybeans rose by 7¾ cents to $10.71½ per bushel.

In the wheat market during the morning session, March CBOT wheat increased by 6 cents, reaching $5.23 per bushel. The Kansas City wheat rose by 3¾ cents to $5.31¾ per bushel, while Minneapolis wheat increased 1¾ cents to $5.68¼ per bushel.

On the livestock side, February live cattle were down by $1.02 at $228.97 per cwt, March feeder cattle fell by 40 cents at $338.60 per cwt, and February lean hogs decreased by 65 cents at $85.32 per cwt.

As of 9:26 a.m. CT, January crude oil had risen by 18 cents, priced at $58.56 per barrel. The stock indices also showed early morning gains, with the S&P 500 Index up by 9.07 points and the Dow Jones Industrial Average increasing by 121.89 points. The December U.S. Dollar Index was up 17 points.

Published: 3:11 p.m. CT

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