Corn and wheat start day in the green. Tuesday, December 12, 2023
March corn is currently up 3¼¢.
January soybeans are down 5¼¢.
CBOT wheat is up 7½¢. KC wheat is up 11¼¢. Minneapolis wheat is up 9¢.
This morning USDA announced the sale of 198,000 metric tons of soybeans to unknown destinations for the 2023/2024 marketing year.
Al Kluis, managing director of Kluis Commodity Advisors, notes he expects more corn export sales to come.
“U.S. corn prices are the lowest in the world,” he says. “China, Mexico, and other countries will be active buyers into the first quarter of 2024. U.S. prices are trading at over a $1-per-bushel discount to Brazilian prices.”
Naomi Blohm, senior market advisor for Total Farm Marketing, says following the December World Agricultural Supply and Demand Estimates (WASDE) report, March corn tends to rally into a January high. She says the average rally is 47¢.
Blohm says if March corn were to rally 47¢ from the low last Friday when the WASDE report came out, it would reach $5.31 a bushel, the top of the downtrend line on her chart.
Livestock are mixed this morning. Live cattle are down $1.38. Lean hogs are up 25¢. Feeder cattle are down $2.25.
S&P 500 futures are down 10 points. Dow futures are down 23 points.
Outside of the U.S., milling wheat is up on the MATIF trade. Corn is down on the Dalian trade while soybeans are up.
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