Market Update: Corn and Soybean Prices Decline amid Slow Trading

Published: 3:30 p.m. CT

Closing Prices: A Mixed Bag for Grains

As trading wrapped up, December corn was reported down 2¢, settling at $4.24¼ per bushel. Similarly, November soybeans declined by 3¢, now priced at $10.09 per bushel.

“The trading session was notably slow,” remarked Jamey Kohake, senior risk manager at Pinion. “The only significant news came from Mexico, which purchased corn overnight. However, traders are currently focused on yield reports, with early results indicating a potential crop smaller than the USDA’s projections.”

Wheat Prices Shift Slightly

In terms of wheat, December CBOT wheat decreased by 1¢, closing at $5.19½ per bushel, while December KC wheat fell 4¾¢ to $5.06¾ per bushel. In contrast, December Minneapolis wheat saw a marginal increase of 4¼¢, bringing it to $5.42½ per bushel.

Cattle and Hog Markets Decline

In the livestock market, December live cattle were down $1.92, now priced at $236.82 per hundredweight (cwt). November feeder cattle fell by $2.95 to $357.80 per cwt, and December lean hogs decreased by $2.60, settling at $88.12 per cwt.

Crude Oil Surges

On a more positive note, November crude oil recorded an increase of $1.42, now trading at $64.83 per barrel.

Stock Market Overview

As of 3:24 p.m. CT, the S&P 500 Index was down 18.95 points, while the Dow Jones Industrial Average was down 171.50 points.

The December U.S. Dollar Index showed an increase of 612 points.

Morning Trading Insights: A Mixed Performance

Before the market day officially opened at 9:30 a.m. CT, December corn was down 1¼¢ at $4.25 per bushel, with November soybeans also down 1¢ at $10.11 per bushel.

According to Karl Setzer, partner at Consus Ag Consulting, “Not much has changed fundamentally since Tuesday. The U.S. harvest is progressing, but reports indicate yields may be less than expected, particularly for corn. Variability in corn yields complicates predictions for overall crop size. Traders generally believe that the U.S. corn crop will be smaller than USDA estimates, but many are waiting for more confirmation before making adjustments.”

Wheat Market Updates in the Morning

This morning’s data showed December CBOT wheat up 1¼¢ at $5.21¾ per bushel, while December KC wheat decreased by 1½¢ to $5.10 per bushel. December Minneapolis wheat, however, experienced a rise of 11¼¢, reaching $5.38¼ per bushel.

Livestock Prices in Early Trading

In early trading, December live cattle showed a slight decrease of 52¢ at $238.22 per hundredweight (cwt). November feeder cattle dropped by 92¢ to $359.82 per cwt, while December lean hogs fell 95¢, now pricing at $89.77 per cwt.

Crude Oil Trends

November crude oil opened the day up by $1.02, reaching $64.43 per barrel.

Market Indices Performance

As of 9:15 a.m. CT, the S&P 500 Index was down 2.32 points, while the Dow Jones Industrial Average was up 48.48 points. The December U.S. Dollar Index increased by 602 points.

This concludes our market update. Stay tuned for further developments as the trading week progresses.