Corn and soy start week in the red. Monday, August 26, 2024

December corn is down 2½¢ this morning.

November soybeans are down 2¼¢.

December wheat contracts are mixed. CBOT wheat is down 2¢. KC wheat is up less than a penny. Minneapolis wheat is down 3½¢.

“Grain and soybean futures were in the red at the end of early trading as prospects for big U.S. crops continued to put strong pressure on prices,” said The Brock Report near the close of overnight trade. “Corn and wheat futures broke out to new long-term lows, while soybean futures hovered just above their recent lows despite a huge crop estimate released on Friday by crop tour operator Pro Farmer. Hot, dry Midwest weather and oversold market conditions have apparently limited soybean price weakness.”

Angie Setzer, partner at Consus Ag Consulting, says the crop tour’s yield estimates, which were released after Friday’s close, will have “much of the market’s attention” as the week gets started.

She says the yield estimates “… are not a direct indication of tour yield results but are instead a combination of the tour observations and ‘other factors’ the group takes into consideration before making a final yield estimate.”

She notes corn yield was pegged at 181.1 bushels per acre, a record but two bushels per acre below USDA’s most-recent estimate. She says soybeans were pegged at a record 54.9 bushels per acre. The soybean estimate is 1.7 bushels per acre higher than USDA’s latest estimate.

October livestock contracts are in the green this morning. Live cattle are up $1.23. Feeder cattle are up $1.30. Lean hogs are up 25¢.

October crude oil is up $2.64.

The U.S. Dollar Index September contract is up to 100.81.

September S&P 500 futures are up 8 points. September Dow futures are up 126 points.

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