Grain and cattle markets ended 2024 higher, with hogs lower.
DuWayne Bosse, Bolt Marketing, says corn scored a new high close for the move on dryness in the extended forecast in Argentina and funds adding to their long position.
The CFTC Commitment of Traders data showed funds long nearly 161,000 contracts in corn as of last Tuesday.
Bosse says the strong close will open the door to additional technical buying but to get above $4.80 he thinks will take USDA lowering ending stocks below 1.6 billion bu. in the January WASDE.
Soybeans and meal also rallied following corn, end of year short covering and the dry Argentina forecast.
March soybeans rallied 18 3/4 cents to close above $10 at $10.10 1/2 and March soybean meal closed above the 100-day moving average at $316.90.
With funds record short in soybean meal at more than 96,000 contracts he thinks they could continue to cover that position and support the soybean market.
Wheat futures also saw spillover strength from higher corn, soybeans and meal,
While the extended forecast looks colder in the Hard Red Winter wheat areas Bosse thinks the rally in wheat had more to do with end of year short covering by speculative traders.
Cattle futures closed out 2024 strong in all but the expiring December live cattle contract.
Bosse attributed the strength to anticipation of higher cash trade this week as there was no actual cash news to move the market.
Lean hog futures ended lower on more fund long liquidation but managed to hold the 100 day moving average in the February contract.
“I think this was profit taking as the funds have been long for awhile in this market,” he adds.
