Corn closes down 6¢ | Wednesday, December 6, 2023

March corn broke its rally today and closed down 6¾¢.

January soybean are down 9¢.

CBOT wheat is up a penny. KC wheat is down 9¢. Minneapolis wheat is down 8½¢.

"Despite the USDA’s daily announcement of daily export sales of soybeans and wheat to China, prices dropped with some pressure coming from sharply lower energy prices and improving forecasts for South America," says Ryan Kelbrants, commodity broker with CHS Hedging.

Live cattle are down $5.55. Lean hogs are down 3¢. Feeder cattle are down $4.50.

Crude oil is down $3.03.

S&P 500 futures are down 18 points. Dow futures are down 78 points.

Published: 3:21 p.m. CST

Corn down 4¢ at midday: 12:19 p.m. CST

At midday March corn is down 4½¢.

January soybeans are down 6¾¢.

CBOT wheat is up 5¢. KC wheat is down 6¢. Minneapolis wheat is down 5¾¢.

The Brock Report says grains and oilseeds are "pressured by relatively benign weather in South America and plummeting crude oil prices."

Crude oil is currently down $2.73.

Livestock are also in the red. Live cattle are down $3.43. Lean hogs are down 18¢. Feeder cattle are down $1.23.

The U.S. Dollar Index March contract is down at 103.57.

S&P 500 futures are down 8 points. Dow futures are up 10 points.

Published: 12:19 p.m. CST

Corn up 2¢: 9:06 a.m. CST

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¢.

Crude oil is down $1.65.

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.

Published: 9:06 a.m. CST