:max_bytes(150000):strip_icc()/Markets-8-Soybeans-up-corn-down-3-db6316f9a07e48cc8fa0c5a83551fe7c.jpeg?ssl=1 "Mixed Trade to Start Week")
Market Update: Soybeans Climb as Corn Struggles
Date: Published at 9:40 a.m. CT
Corn and Soybean Market Overview
As of 9:30 a.m. CT, the corn market is experiencing a slight decline, with December corn down by 1¢, settling at $4.12 per bushel. In contrast, November soybeans have seen a modest increase of 2¼¢, reaching $10.09 per bushel.
Karl Setzer, a partner at Consus Ag Consulting, commented, “Soybeans are showing a little strength to start the week while grains are struggling.” He indicated that the soybean market is benefiting from a robust cash market and concerns that the U.S. crop yield might fall short of current estimates, which are already low compared to projected demand. With the soybean harvest nearing completion across the U.S., the market is witnessing a firming of basis values. Likewise, corn basis is also beginning to firm as farmers are reluctant to sell at current prices.
Wheat Market Status
In the wheat market, December CBOT wheat has fallen by 3¢ to $4.95½ per bushel, while December Kansas City wheat has also dropped by 3¢ to $4.80 per bushel. Additionally, December Minneapolis wheat saw a decrease of 7½¢, currently valued at $5.26¼ per bushel.
Livestock and Energy Updates
On the livestock front, December live cattle increased by $1.15, now at $243.67 per hundredweight (cwt). November feeder cattle are up by 52¢, reaching $376.42 per cwt, while December lean hogs rose by $1.05, landing at $85.07 per cwt.
In the energy sector, December crude oil has seen a rise of 87¢ and is currently priced at $59.35 per barrel.
Market Indices Update
As of 9:33 a.m. CT, major stock indices are experiencing notable gains. The S&P 500 Index is up by 94.30 points, while the Dow Jones Industrial Average has increased by 492.03 points. The December U.S. Dollar Index has risen by 323 points.
Conclusion
The current market trends indicate a divergence between soybeans and corn, with the former gaining momentum while the latter struggles. As the harvest season progresses, traders are closely monitoring these developments.
