3:05 PM: Good afternoon, this is Kluis Commodity Advisors with your closing grain comments for Tuesday, December 24, 2024.
To Do: We had no new recommendations today. We recommend keeping all offers in place.
What I think: The grains were mixed today in a slow day of trade with corn and soybeans higher and wheat lower. There was not much news on this abbreviated trading day and the grain just drifted on some technical selling. The stock market was higher on a “Santa Claus” rally while the US dollar also climbed today. Crude oil was able to close above $70 a barrel today.
What to watch: Monitor how the markets open up on Thursday morning.
Today’s markets:
March Corn: The trading range was 2 cents. The market closed up 1 cent at $4.48. The support for March Corn sits at $4.35 and resistance is at $4.51.
January Soybeans: The trading range was 10 cents. The January contract closed up 4 cents at $9.74. Support is at $9.45 while resistance is up at $9.79.
March Wheat: The trading range was 8 cents. The Chicago market closed down 5 cents, Minneapolis was down 5 cents and KC was down 6 cents on the day. The support for Chicago wheat is at $5.29 and resistance is at $5.48.
Outside markets: The US dollar index at this hour is up .45 points, crude oil is up 3 cents per barrel at $69.49, the Dow is up 67 points and gold is down $18 an ounce.
Livestock futures: Trading was mixed today. At this time, February Hogs are down 5 cents at $84.32, February Cattle were up 17 cents at $187.62 and January Feeders were down 37 cents at $256.22.
Reminder: The markets are closed tomorrow for Christmas and will open up at 8:30 am Central on Thursday morning.
We will have our next update by 3 pm Thursday afternoon.