Market Update

Just after 3 p.m. Pacific time, December corn increased by 2¾ cents, reaching $4.341¼ per bushel.

Meanwhile, January soybeans saw a rise of 19 cents to settle at $11.34 per bushel.

According to Jamie Kohake, a senior risk manager at Pinion, “Monday’s closing price for soybeans was very strong. Corn and wheat followed with similar strength. The markets are anticipating the conclusion of last week’s trade this week, but the key factor seems to be China.”

In wheat markets, December CBOT wheat climbed 9.5 cents to $5.43½ a bushel. December KC wheat increased by 7 cents, reaching $5.31¾ per bushel. However, December Minneapolis wheat dropped by a quarter cent to $5.22 per bushel.

As for livestock, December live cattle went up by $2.52 to $236.52 per hundredweight (cwt). January feeder cattle rose by $4.62 to $336.52 per cwt. In contrast, December lean hogs decreased by 67 cents to $80.60 per cwt.

At 3:09 p.m. PT, December crude oil increased by 7 cents, now priced at $61.05 per barrel.

The S&P 500 Index rose by 10.01 points, while the Dow Jones Industrial Average fell by 253.61 points.

Additionally, the December U.S. dollar index dropped by 241.57 points.

Soybeans Maintaining Strength

Just before 9:30 a.m. Pacific time, December corn was down by 2 cents, priced at $4.29½ per bushel.

In contrast, January soybeans rose by 7¼ cents to $11.22½ per bushel.

Carl Setzer, a partner at Consus Ag Consulting, noted, “Corn, soybeans, and wheat were all performing well at the week’s start due to light buying related to the new moon. It’s been reported that China purchased seven vessels of U.S. soybeans last week and some wheat, likely due to the easing of trade tensions. He also mentioned the U.S. harvest is on the decline. There was a surge in farmer selling during last week’s rally, although not to the extent that buyers had anticipated. U.S. basis values remained firm due to delivery delays and rising demand, which further tightened domestic processing margins.”

As for the wheat market, December CBOT wheat fell by half a cent to $5.33½ a bushel, while December KC wheat saw a drop of 5 cents, reaching $5.19½ per bushel. Conversely, December Minneapolis wheat increased by 5 cents to $5.22½ per bushel.

In terms of livestock again, December live cattle increased by $1.60 to $231.27 per hundredweight, and January feeder cattle rose by $3.62 to $335.52 per cwt. However, December lean hogs fell by $1.20 to $80.07 per cwt.

As of 9:29 a.m. Pacific time, December crude oil was down by 20 cents, now trading at $60.78 per barrel.

The S&P 500 Index dipped by 3.44 points, while the Dow Jones Industrial Average experienced a drop of 253.61 points.

Lastly, the U.S. dollar index increased by 65 points for December.