Soybeans Down 8 | Friday, December 13, 2024 [Video]

March corn is down less than a penny this morning.

March soybeans are down 8¢.

This morning USDA announced unknown destinations are buying 200,000 metric tons of soybeans for the 2024/2025 marketing year.

March wheat contracts are mixed. CBOT wheat is down 4¢. KC wheat is down 3¼¢. Minneapolis wheat is unchanged.

“After testing overhead resistance levels mid-week, corn futures are now 10¢ off the highs,” said Naomi Blohm, senior market advisor at Total Farm Marketing, prior to the open of Friday’s day trade. “Support is at $4.40, then $4.35, with big support at $4.30, which is the bottom of the uptrend line and near the 100-day moving average.

“Over the past decade, the ‘Christmas rally’ for March corn futures has averaged 33¢. This rally almost made it to 26¢. Will the rally continue into year end? Or will corn go back into range trading? Four out of the past 10 years, the rally stopped …