Corn and soybeans in the red ahead of USDA report. Monday, September 30, 2024
December corn is down less than a penny this morning.
November soybeans are down 3¢.
Earlier this morning the USDA announced China is buying 116,000 metric tons of soybeans for the 2024/2025 marketing year.
December wheat contracts are in the green. CBOT wheat is up 3¼¢. KC wheat is up 3½¢. Minneapolis wheat is up 6¾¢.
At 11 a.m. CT today. the USDA is expected to release the quarterly Grain Stocks report.
“The stocks reports are known for their market-moving surprises,” says Arlan Suderman, chief commodities economist for StoneX. “Trade expectations are for USDA to confirm roughly a 100-million bushel increase in soybean stocks over the past year, a 200-million bushel increase in wheat stocks, and nearly a half-billion-bushel increase in corn stocks.”
Suderman says attention will shift this afternoon to the USDA’s weekly Crop Progress report, as the trade looks for “greater indication of possible damage from high winds late last week in the eastern Midwest from the remnants of Hurricane Helene, along with heavy rains. Initial reports indicate that there was far less wind damage to crops than feared in the eastern Midwest, although damage was more significant in the Southeastern part of the country.”
December live cattle are down 13¢. November feeder cattle are up 5¢. December lean hogs are down 28¢.
November crude oil is down 30¢.
The U.S. Dollar Index December contract is up to 100.23.
December S&P 500 futures are down 8 points. December Dow futures are down 178 points.
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