Corn Down 3¢ This Morning. Friday, October 25, 2024
December corn is down 3¼¢ this morning.
January soybeans are down 3¢.
December wheat contracts are also down. CBOT wheat is down 10¾¢. KC wheat is down 9¢. Minneapolis wheat is down 3¾¢.
“The corn and soybean buying spree continues as end users — foreign and domestic — seek to take advantage of the seasonal harvest low in prices to extend coverage,” said Arlan Suderman, chief commodities economist at StoneX. “The farmer doesn’t like current prices, so he’s a reluctant seller. In the background of all of this is the fund manager reluctant to be short the commodities due to a sense that we may be on the cusp of another reinflation period. Supplies are big, keeping a lid on gains, but generally not currently being offered to the market. Demand is currently good, providing support. As such, the markets are identifying broad trading ranges until things get better sorted out.”
For the fifth day in a row, USDA announced new export sales this morning:
- China is buying 116,000 metric tons of soybeans for the 2024/2025 marketing year.
- Mexico is buying 136,000 metric tons of corn for the 2024/2025 marketing year.
December live cattle are down 23¢. January feeder cattle are up 48¢. December lean hogs are up 15¢.
December crude oil is up $1.04.
The U.S. Dollar Index December contract is down to 103.89.
December S&P 500 futures are up 38 points. December Dow futures are up 121 points.
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