Closing Markets Tuesday, January 14, 2025

 

GRAINS:

Ag markets had become very technically over-bought in the short term following Friday’s USDA release, with March soybeans moving north of 50 cents higher and March corn over 20 cents higher in just two sessions. Given these rapid jumps it is not surprising to see the market take a breather as both markets are attempting to sort out what is fair value for the commodity given the now-tighter U.S. balance sheets, but uncertainty on the world stage. Outside market influence was also mostly negative Tuesday, with equity markets continuing to drift lower and interest rates higher. Although the U.S. Dollar Index did work to snap a five-day positive streak. March corn closed down 2 cents and May corn was down 2 cents. March soybeans closed down 5 1/2 cents and May soybeans were down 5 1/4 cents. March KC wheat closed down 1/4 cents, March Chicago wheat was up 1 1/4 cents, March Minneapolis wheat was down 4 cents.

LIVESTOCK:

The live cattle complex traded mixed as the nearby contracts are continued to grind higher up until the last minutes of trade, as traders believe that the market’s fundamentals will prevail again later this week, but the deferred contracts did trade mildly lower throughout the session. With the added market support of seeing the live cattle contracts trading higher most of the day amid a weaker tone in the corn complex — it’s been an easy decision for traders to lead the feeder cattle contracts higher. Continuing to rally thanks to the support of stronger pork cutout values, the lean hog contracts were modestly higher again today.