Corn hits new contract lows as USDA shocks the market with record yields and production. Soybeans also lower with higher yields, plus the cut in Brazil production was disappointing. Lower winter wheat acres and ending stocks failed to hold the market with low row crops. Live cattle saw pressure from weaker cash, while profit taking hit hogs and crude oil. John Heinberg, Total Farm Marketing, has details.
Grains End Lower After USDA Yield Shock. So How Much Lower Will Prices Fall? Cattle Trade Weaker Cash
Corn & soybeans tank on higher yields & production, with wheat following despite lower seedings & ending stocks. Live cattle followed lower cash, hogs consolidate. John Heinberg, Total Farm Marketing, has details.
January 12, 2024 02:48 PM
Related Stories
Arlan Suderman, Chief Commodities Economist with StoneX says the corn and soybean markets were trading higher yields coming into the report and saw a positive reaction as a result.
Kyle Bumsted of Allendale, Inc. says, “The way we rallied off our lows here on Friday and the bounce we saw here on Monday, it does feel like cattle put in some sort of intermediate low.”
Mike Minor of Professional Ag Marketing says corn and soybeans were positioning ahead of the November WASDE with fears of higher yield.
Read Next
A rare, late-season cut of 1.6 bu. per acre to the national corn yield dropped ending stocks to 1.758 billion bushels, while stronger export demand trimmed soybean carryout despite record yields across the Western Corn Belt.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
