December 26 (Reuters) — The grain markets saw a significant rally on Thursday, with soybeans and soybean meal recording substantial gains. Nearby corn futures closed at their highest level since June, driven by active buying from hedge funds. The holiday season resulted in lower trading volumes, which contributed to the upward price movement.
Weather conditions in South America remained a focal point for the grain markets. In Brazil, the forecasts are nearly perfect, supporting optimism for a strong crop. However, concerns over dry weather persist in Argentina, although rain is expected to arrive this weekend, offering some hope for improving conditions.
Market Close and Price Movements
- Corn futures rose by 5¢, reaching a strong finish.
- Soybean futures closed higher by 12¢ to 16¢.
- Wheat futures also gained, ending up by 4¢ to 6¢.
Livestock Market Performance
In the livestock sector, February lean hogs saw a small decline, dropping 17¢. Meanwhile, February live cattle surged by $1.97, closing at $192.77 per hundredweight (cwt). January feeder cattle also posted a solid gain, rising by $3.45.
Global Stock Market Overview
- China’s stock market rose by 1.1%.
- Japan’s stock market gained 1.2%.
- European stocks saw a modest increase of 0.2%.
Outside Markets
- The U.S. Dollar Index declined by 0.15 points, settling at 108.10.
- Crude oil fell by 60¢, closing at $69.50 per barrel.
- Gold saw an increase, rising by $18 per ounce.
- The U.S. stock market finished slightly higher.
As the year draws to a close, market participants are keeping an eye on global weather patterns and economic trends to assess potential impacts on the grain and livestock sectors.
