Chicago crop futures ended the final trading day of 2024 on a positive note. Macro factors lent support, with crude oil and gold prices rising.
Corn futures saw modest gains, buoyed by speculative buying and steady international demand. Argentina and southern Brazil remain dry, providing a potential bullish undertone heading into 2025. March corn jumped up 6 1/4 cents to $4.58 1/2, and December 2025 was up 4 3/4 at $4.43 3/4.
Soybean futures climbed higher, fueled by robust US export activity and solid demand from China. Weather remains a critical factor, as with corn, with ongoing dryness in Argentina and parts of Brazil injecting supply uncertainty. March beans were up 18 3/4 cents to $10.10 1/2, and November added 17 at $10.25 1/4.
Wheat futures lagged. Although the market was supported by concerns over dry conditions in Ukraine and key Russian grain areas, heavy speculative short positions in US wheat markets signal continued headwinds as traders anticipate the USDA’s upcoming reports on January 10th. March Chicago gained 3 1/4 cents to $5.51 1/2, March Kansas City moved up 3 1/2 cents to $5.59 1/4, but March Minneapolis bounced 2 cents at $5.95 3/4.
