Corn down 1¢ ahead of WASDE. Friday, August 11, 2023
December corn is currently down a penny while November soybeans are up 5¢.
CBOT wheat is down 5¢. KC wheat is down 3¢. Minneapolis wheat is up ¾ of a penny.
The August USDA World Agricultural Supply and Demand Estimates (WASDE) report is set to be released at 11 a.m. CDT today.
Arlan Suderman, chief commodities economist for StoneX, says the August report “sets the bar for the current year corn and soybean production expectations based largely on its farmer survey, collaborated with satellite data.”
He says all of the major corn-producing states, except for Iowa and Missouri, have satellite readings at or above average.
“As such, it will be interesting to see how USDA weights that with farmer survey returns,” Suderman says. “The debate will then switch to how August weather is impacting those totals ahead of the September report, which will include actual field sampling. USDA must address the next year’s weak demand outlook at some point.”
October livestock are in the red this morning. Live cattle are down 43¢. Lean hogs are down 23¢. Feeder cattle are down 30¢.
Crude oil is up 15¢.
S&P 500 futures are down 16 points. Dow futures are down 73 points.
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