Unraveling the Daily Commodity Market Movements

Grain Market

December corn ended the day up 3¢, showing a positive trend. However, in the morning, it was down less than a penny. Al Kluis from Kluis Commodity Advisors noted that the corn cash bids were inverting due to strong export and processor demand along with slow farmer selling, keeping cash prices moving higher. The March-to-July corn spread has narrowed to just 11¢.

January soybeans closed down 8¢. This morning, USDA announced new soybean sales. China is buying 202,000 metric tons for the 2024/2025 marketing year, and unknown destinations are purchasing 226,200 metric tons.

Wheat Market

March wheat contracts closed higher for the fourth consecutive day. CBOT wheat was up 4½¢, KC wheat was up 3¼¢, and Minneapolis wheat was up 2¢. However, in the morning, it was mixed with CBOT wheat up 1¼¢ and KC wheat up 2¼¢, while Minneapolis wheat was down less than a penny.

Livestock Market

February live cattle ended the day down 8¢, but in the morning, it was up 18¢. January feeder cattle were up 33¢ at the close and 28¢ in the morning. February lean hogs were up $1.60, with an increase of 30¢ in the morning.

Energy Market

January crude oil is currently up 36¢, while December S&P 500 futures and Dow futures are down 28 points and 34 points respectively. The U.S. Dollar Index December contract is up to 106.74.