At 4:33 p.m. CT, March corn ended the day down 2¼¢ at $4.33 per bushel. This downward trend continued as in the morning, with March corn down 2¼¢ again. January soybeans closed up 2¼¢ at $9.85¾ per bushel, showing an upward movement. However, March wheat contracts faced a different fate, closing lower. CBOT wheat was down 9¢ at $5.55¾ per bushel, KC wheat was down 8½¢ at $5.57 per bushel, and Minneapolis wheat was down 5¢ at $5.96½ per bushel.

The Impact of Neighboring Markets and Crude Oil

The Grain Market Insider newsletter by Stewart-Peterson Inc. pointed out that lower trade in the neighboring wheat markets and sharply lower crude oil kept sellers engaged in the corn market. As a result, corn closed near the low end of the day’s range and lower for the third consecutive [trading] day. On the other hand, a drier forecast in Brazil and higher soybean meal lent support to the soybean market. Although it closed off session highs, it still ended higher for the second [trading] day in a row. Sharp declines in MATIF wheat, coupled with minimal news and much-needed rainfall in the Black Sea region, pressured the wheat complex lower. However, prices partially recovered to settle well off session lows.

Live Cattle and Feeder Cattle Market

February live cattle closed down 50¢ at $187.70 per hundredweight (cwt), while January feeder cattle were up $1.18 at $255.48 per cwt. In contrast, February lean hogs were up 25¢ at $85.93 per cwt. These fluctuations in the live cattle and feeder cattle markets show the dynamic nature of the agricultural sector.

Crude Oil and Stock Market Movements

January crude oil closed down $2.30. However, December S&P 500 futures and Dow futures closed up 20 points and 431 points, respectively. This shows the complex relationship between different markets. The U.S. Dollar Index December contract was down to 106.71, which also had an impact on various markets.

USDA Announcement and Market Reactions

This morning, USDA announced that Mexico is buying 454,090 metric tons of corn — 364,792 metric tons for the 2024/2025 marketing year and 89,298 metric tons for the 2025/2026 marketing year. This announcement had an impact on the corn market. March corn is down 2¼¢ this morning, while CBOT wheat is down 8¢ and KC wheat is down 7¾¢. Minneapolis wheat is down 4½¢. The market reacted to this news, showing the importance of such announcements in shaping market trends.