Corn down 2¢. Wednesday, August 7, 2024
December corn is down 2¾¢ this morning.
November soybeans are down 7¼¢.
September wheat contracts are also down. CBOT wheat is down 3¢. KC wheat is down 3½¢. Minneapolis wheat is down 1¼¢.
Next Monday USDA is expected to release the August World Agricultural Supply and Demand Estimates (WASDE) report. The Commstock Report says the expectations is for USDA to increase average yield estimates and new-crop ending stocks, but there is debate over the size of the increase.
“However, there’s a pretty good chance the actual increase will come in lower than expected,” says the Commstock Report. “… There’s a reasonable case from recent export sales and ethanol usage to see a downturn in old-crop ending stocks and we learned two weeks ago that USDA is likely to use FSA data to reduce harvested acres from last month due to prevent-plant claims. The combination could mean a net result a little less bearish than what this market has already ‘dialed in.’
“Ditto for soybeans. A reasonable case can be made that strong crush results will offset any cut in the export forecast so old-crop ending stocks can hold unchanged and lower harvested acreage estimates in the soybean balance sheet could result in a smaller boost to new-crop ending stocks than what the trade is looking for.”
October live cattle are up $1.10 this morning. September feeder cattle are up $1.70. October lean hogs are down 70¢.
“The livestock market has been hit with intense selling pressure recently,” says Al Kluis, managing director of Kluis Commodity Advisors. “Since the late-July high, August feeder cattle have fallen nearly $20 while August live cattle have fallen over $9.50. Although sale barn prices have not fallen as much, it is alarming to see such aggressive selling in cattle. The U.S. herd size is the smallest in over 50 years.”
September crude oil is up $1.36 this morning.
The U.S. Dollar Index September contract is up to 102.97.
September S&P 500 futures are up 69 points. September Dow futures are up 325 points.
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