Corn and Soybean Markets See Declines Ahead of New Year

As trading commenced just before 9:30 a.m. CT on Friday, March corn experienced a decline of 2½ cents, settling at $4.37¾ per bushel. Similarly, March soybeans were down 6½ cents, now valued at $10.41 per bushel.

Market Observations

According to Karl Setzer, partner at Consus Ag Consulting, “Markets start out with a firm open Friday morning for a full session which will likely see extremely low volume.” He noted that many traders had secured their positions ahead of the holiday season, particularly before Christmas and New Year’s, leading to a potentially quiet trading day.

Given the limited fresh news, traders are expected to focus primarily on weather conditions in South America and updates on U.S. export activities. Setzer mentioned that many market participants may wait for the upcoming January WASDE (World Agricultural Supply and Demand Estimates) report on the 12th before making significant moves in the new year.

Other Commodity Prices

In addition to grains, the wheat market also saw declines; March CBOT wheat fell by 2¼ cents to $5.04¾ per bushel, while March Kansas City wheat decreased by 3 cents to $5.11¾ per bushel. On a similar note, March Minneapolis wheat experienced a 2-cent drop, valued at $5.58 per bushel.

Cattle and Hogs Update

In livestock markets, February live cattle rose by $1.50, reaching $233.10 per hundredweight (cwt). Meanwhile, March feeder cattle improved by $4.10 to $349.42 per cwt. On the other hand, February lean hogs saw a decrease of 70 cents, settling at $84.40 per cwt.

Crude Oil and Stock Market Movements

At the same timeframe, February crude oil prices fell by 67 cents to $56.75 per barrel. In the stock market, the S&P 500 Index increased by 18.77 points, whereas the Dow Jones Industrial Average experienced a slight drop of 25.10 points. Additionally, the March U.S. Dollar Index was down by 7 points.

As traders navigate these fluctuations, market watchers will continue to monitor key reports and weather impacts that could shape the trajectory of commodity prices in the upcoming weeks.

Published: 9:36 a.m. CT

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