Corn and soybeans in the red this morning. Friday, September 20, 2024

December corn is down 3¼¢ this morning.

November soybeans are down 8½¢.

December wheat contracts are higher. CBOT wheat is up 4½¢. KC wheat is up 4½¢. Minneapolis wheat is up a penny.

“Firm overnight trade gave way to a mixed start for the day session as pre-weekend profit taking developed,” says Karl Setzer, partner at Consus Ag Consulting. “Soybeans are under the most pressure as technical spread trading is taking place in that complex. A weaker energy complex and data showing the U.S. share of China’s market continues to drop are also weighing on soybeans this morning. Wheat is working higher on reports the Western Australia crop will be down 7% from previous estimates due to drought conditions. Ukraine also cut its wheat planting forecast from drought.”

Setzer says wheat is gaining most of its support from news fields in Argentina are being abandoned due to drought and insect issues.

“Both corn and soybeans are starting to see more harvest pressure, and this will likely build over the next few weeks,” he says. “Wetter forecasts for the U.S. Corn Belt are also weighing on today’s trade, but at this time, rain is not what is needed as we head to the fields. There is a general risk-off feel to this morning’s trade that is weighing on all markets, not just commodities.”

October livestock contracts are mixed this morning. Live cattle are down 18¢. Feeder cattle are down 75¢. Lean hogs are up 8¢.

November crude oil is down 25¢.

The U.S. Dollar Index December contract is up to 100.57.

December S&P 500 futures are down 24 points. December Dow futures are down 74 points.

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