Soybeans Down Nearly 15 | Wednesday, December 18, 2024 [Video]

March corn is down less than a penny this morning.

March soybeans are down 14½¢.

Naomi Blohm, senior market advisor at Total Farm Marketing, says the Christmas rally may be over for March soybeans, as a head and shoulders chart formation has taken shape.

“The Christmas rally only amounted to 25¢ this year, as the good crop weather in South America and 470-million-bushel U.S. carryout continues to weigh on prices,” she said.  

She noted the current chart formation indicates March soybeans could go as low as $9 per bushel.

“Last year, in hindsight, this formation occurred this time of year for soybeans, and it took one month for prices to lose $1,” she said. “Then soybean prices lost an additional $1 in February.”

March wheat contracts are higher this morning. CBOT wheat is up 4¢. KC wheat is up 3½¢. Minneapolis wheat is up 2¼¢.

This morning, USDA announced Colombia is buying:

February live cattle are down 35¢ this morning. January feeder cattle …