Grains start day in the red. Wednesday, December 13, 2023
March corn is currently down 6¼¢.
January soybeans are down 15¢.
CBOT wheat is down 14¢. KC wheat is down 19½¢. Minneapolis wheat is down 12¼¢.
“Grain and soybean futures are in the red across the board with soybean contracts pulling back further as forecasts for needed rains in Brazil next week ease concerns about current warm, dry weather,” says The Brock Report. “Soymeal price weakness is also weighing on the soybean market. Corn and wheat futures may be under pressure from ideas Argentina’s sharp devaluation of the peso against the dollar may spur increased production and exports from that country. Caution ahead of this afternoon’s Fed interest rate announcement may also be weighing on futures.”
Nick Paumen, commodity broker for CHS Hedging, says the U.S. Federal Reserve is expected to hold interest rates steady in its announcement this afternoon.
This morning USDA announced the sale of 125,000 metric tons of soybeans to unknown destinations for the 2024/2025 marketing year.
Livestock are also in the red. Live cattle are down 55¢. Lean hogs are down $1.65. Feeder cattle are down 20¢.
S&P 500 futures are up 5 points. Dow futures are down 17 points.
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