(Illustration by Nick Scalise)
OMAHA (DTN) – March corn fell 1/2 cent per bushel, January soybeans fell 7 1/4 cents per bushel. March KC wheat is up 1 3/4 cents per bushel, March Chicago wheat is up 4 1/4 cents per bushel and March Minneapolis wheat is up 2 cents. The Dow Jones Industrial Average rose 271.74 points to 37,353.74, the US dollar index fell 0.530 to 101.88 and crude oil fell $1.08 a barrel to $73.14 in February. Soybean products are weak due to expected Brazilian rain, while all three wheat markets are off to a steady start. The US dollar index continues to plunge amid expectations that interest rate cuts are likely to occur in 2024.
Posted 8:35 a.m. – February live cattle are up $0.30 to $170.6, March feeder cattle are up $0.60 to $226.35, February lean hogs are up $0.63 to 70 $.85 up, March corn down 1/4 cent per bushel and March soybean meal down $2.60. The Dow Jones Industrial Average rose 243.08 points. Mandatory reported slightly scattered northern trading yesterday with structured deals trading at $269 to $270.75, $1 to $3 above last week's weighted average in Nebraska. Live sales were $170 to $172.80, $1 to $4 higher than last week's weighted average in Nebraska. Keep in mind that this was a very casual deal and may not necessarily be the trend of the week. Net sales of beef in 2023 were 9,700 tonnes, down 8% from the previous week but up 44% compared to the previous four-week average. The three largest buyers were South Korea (4,200 tons), Japan (2,600 tons) and Mexico (1,100 tons). The forecast CME Lean Hog Index for December 19 rose $0.17 to $66.54. Net sales of 37,500 tons of pork in 2023 were 33% higher than the previous week and 48% higher than the previous four-week average. The three largest buyers were Mexico (15,900 tons), South Korea (7,000 tons) and Canada (3,200 tons).
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