Chicago wheat up 15¢ this morning. Friday, September 13, 2024

December corn is up 5¢ this morning.

November soybeans are down 1¾¢.

This morning USDA announced China is buying 100,000 metric tons of soybeans for the 2024/2025 marketing year.

December wheat contracts are higher. CBOT wheat is up 15½¢. KC wheat is up 12¼¢. Minneapolis wheat is up 8¾¢.

“Increasing drought conditions on the U.S. winter wheat crop has generated weather buying in the market this morning,” says Karl Setzer, partner at Consus Ag Consulting. “This comes on top of several global production cuts, including in Ukraine, Russia, and the EU. The USDA was defiant of these cuts in the September WASDE [World Agricultural Supply and Demand Estimates] report though and projected much larger crops than foreign services have. As these production estimate spreads widen fewer and fewer traders are showing faith in what the USDA publishes and instead using other analytical firms for oversea production data.

“Escalated fighting between Ukraine and Russia and the attack of other vessels in the region are also giving wheat considerable support. This strength is spilling over into the corn complex and is that grains major source of support.”

October livestock contracts are also higher this morning. Live cattle are up 13¢. Feeder cattle are up 5¢. Lean hogs are up 50¢.

October crude oil is up $1.15.

The U.S. Dollar Index December contract is down to 100.64.

September S&P 500 futures are up 17 points. September Dow futures are up 217 points.

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Tags: corn, soybeans, wheat, futures, live cattle, feeder cattle, lean hogs