Chicago Close: Corn, Soys Up but Wheat Lower

Jan 05, 2024

Corn and soybean futures managed gains on Wednesday following recent losses while wheat finished in the red.

Wheat was pressured by a continued strong US dollar and improving winter wheat conditions. A monthly crop update from the USDA today pegged the crop in the No. 1 winter wheat production state of Kansas at 43% good to excellent as of the end of December, up 11 points from the last weekly crop progress report issued at the end of November. The condition of the Oklahoma crop was up 14 points from November to 67% good to excellent. Ratings in other states were mixed. March Chicago dropped 6 ½ cents to $6.00 ¼, March Kansas City fell 7 ½ cents to $6.21 ½, and March Minneapolis was down 6 ½ cents to $7.08 ½.

Corn was higher after posting losses in the previous four sessions, boosted by solid gains in crude oil. Crude drew support from expectations the Organization of the Petroleum Exporting Countries (OPEC) is set to reduce production to boost prices. March was up 1 ½ cents to $4.65 ¼, and December 2024 added a ¼ cent to $4.98 ½.

The advances in crude also helped to bolster soybeans, after the market suffered sharp declines a day earlier on improving weather for the Brazil soy crop. March beans gained 3 ½ cents to $12.77, and new-crop November was 3 ¼ cents higher at $12.25 ¼.

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Border View Farms is a mid-sized family farm that sits on the Ohio-Michigan border. My name is Nathan. I make and edit all of the videos posted here. I farm with my dad, Mark and uncle, Phil. Our part-time employee, Brock, also helps with the filming. 1980 was our first year in Waldron where our main farm is now. Since then we have grown the operation from just a couple hundred acres to over 3,000. Watch my 500th video for a history of our farm I filmed with my dad.

I started making these videos in the fall of 2019 as a way to help show what I do on a daily basis as a farmer. Agriculture is different from any other industry and I believe the more people that are showing their small piece of agriculture, helps to build our story. We face unique challenges and stressful situations but have some of the most rewarding payoffs in the end. I get to spend everyday doing what I love, raising my kids on the farm, and trying to push our farm to be better every year. I hope that I can address questions or concerns that you might have about farms and agriculture.