Corn and wheat start day in the red. Thursday, September 14, 2023

December corn is currently down by less than a penny while November soybeans are up by less than a penny.

CBOT wheat is down 9¾¢. KC wheat is down 15¢.

“The grain and oilseed markets are drifting, lacking a demand story, or sufficient supply threat, to justify a rally that would further ration demand,” says Arlan Suderman, chief commodities economist for StoneX. “Wheat prices are trying to put in yet another bottom, but it is yet to be seen if this one will do any better than the others at holding, as long as Russia continues to dump record volumes of wheat on the world market.”

This morning USDA released the weekly Export Sales report. Corn, soybean, and wheat export sales all fell within the expected range for the 2023/2024 marketing year.

Livestock are mixed. Live cattle are up $1.25. Lean hogs are down 75¢. Feeder cattle are up $1.35.

Crudе oil is up $1.32.

S&P 500 futures are up 17 points. Dow futures are up 173 points.

Outside of the U.S., milling wheat is down on the European MATIF trade. Corn and soybeans are down on the Chinese Dalian trade.

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