Corn and wheat start day in the green. Wednesday, October 9, 2024
December corn is up 2¢ this morning.
Earlier this morning, USDA reported unknown destinations are buying 126,000 metric tons of corn for the 2024/2025 marketing year.
November soybeans are hovering around unchanged, trading on both sides by less than a penny.
December wheat contracts are higher this morning. CBOT wheat is up 3¢. KC wheat is up 3½¢. Minneapolis wheat is up 4¾¢.
“Corn and soybean futures showed no follow-through to Tuesday’s sell-off in early trade, finding light support from speculative profit taking, but gains were limited by large U.S. supplies amid an absence of fresh demand news,” said The Brock Report about the overnight trade. “Wheat futures bounced for a third straight day in early trade with concerns remaining high about dry weather in Russia, the U.S., and Australia. Recent increased demand in the world market has also provided price support.”
December live cattle are down 48¢. November feeder cattle are down 80¢. December lean hogs are down 88¢.
November crude oil is down $1.63.
The U.S. Dollar Index December contract is up to 102.52.
December S&P 500 futures are down 3 points. December Dow futures are down 4 points.
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