Corn up 2¢. Wednesday, December 6, 2023

This morning March corn is up 2¢. If corn closes higher today, it would be the sixth day in a row.

January soybeans are down less than a penny.

CBOT wheat is up 13¾¢. KC wheat is up 10¼¢. Minneapolis wheat is up 5¼¢.

This morning USDA announced China is buying 372,000 metric tons of soft red winter wheat and 136,000 metric tons of soybeans for delivery during the 2023/2024 marketing year.

“Now nearly 1.6 million metric tons [of wheat have been] sold to them over the past few months,” says Naomi Blohm, senior market advisor with Total Farm Marketing. “This really spells out how poor [China’s] wheat crop was this summer, and very likely sets the USDA up to increase wheat exports in Friday’s USDA report, which would bring U.S. ending stocks of wheat down. Now we have a fundamental story going for wheat, and this might finally tip the scale to get those funds to exit those short positions.”

Live cattle are down 25¢ this morning. Lean hogs are up 5¢. Feeder cattle are up 70¢.

S&P 500 futures are up 15 points. Dow futures are up 91 points.

Milling wheat is up on the MATIF exchange. Corn and No. 1 soybeans are down on the Dalian exchange. No. 2 soybeans are up.

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