Corn and soy hover around unchanged. Wednesday, January 3, 2024

March corn and soybeans have traded on both sides of unchanged and are currently down less than a penny.

CBOT wheat is down 3¢. KC wheat is down 7¢. Minneapolis wheat is down 3¾¢.

“The grains are often poised for a rebound after a bearish start to the week – hence the ‘turnaround Tuesday’ trope – but the second day of this holiday-shortened work week is giving no such indication,” says Arlan Suderman, chief commodities economist for StoneX. “Fundamental help is tough to come by for the bulls; StoneX Brazil sharply cut soybean production yesterday but that number was clearly already baked into market expectations, and may find it tough to go any lower given the much more beneficial rain pattern for the country as of late. Moreover, Argentina is set to make up for any deficits and supplies remain ample here in the United States.

“Corn and soybean export paces are running decently enough and the spigot of daily flash sales has dried up; demand shocks are non-existent here through the winter months. The bull can always hope for a surprise from the January USDA reports, as there’s always enough data in that cadre of releases to give everyone something to look at.“

Live cattle are down 53¢ this morning. Feeder cattle are down 35¢. Lean hogs are up 30¢.

Crude oil is up $2.16.

Tags: wheat, futures, live cattle, feeder cattle, lean hogs, corn, soybeans