Corn down 3¢ this morning. Wednesday, July 10, 2024

December corn is down 3½¢ this morning.

November soybeans are down less than a penny.

September wheat contracts are in the red. CBOT wheat is down 10½¢. KC wheat is down 11¾¢. Minneapolis wheat is down 7¼¢.

This morning USDA announced China is buying 132,000 metric tons of soybeans for the 2024/2025 marketing year. Naomi Blohm, senior market adviser with Total Farm Marketing, says “While nice — finally a new crop sale — this is a drop in the bucket compared to what their needs are.”

This Friday USDA is expected to release the July World Agricultural Supply and Demand Estimates (WASDE) report.

“Friday’s USDA report will likely not have any friendly news in it,” says Blohm. “The USDA will use the updated acreage info and most likely continue with their trend line yield guesstimate since the weather overall has been ‘good enough.’

“Prevent plant information will not show up until the August report.

“We talked about how the summer price high usually occurs between Mother’s Day and Father’s Day, and that is exactly what happened.

“If this ends up being like 2014, be aware that corn traded down to the $3.20 area and November beans traded as low as $9.00.

“There clearly is more downside possible — especially with weather being mostly cooperative, funds in sell mode, U.S. corn carryout above 2 billion bushels, and bean carryout also growing — barring a weather surprise in August.”

August live cattle are up 5¢. August feeder cattle are down 15¢. August lean hogs are down $1.13.

August crude oil is down 15¢.

The U.S. Dollar Index September contract is down to 104.73.

September S&P 500 futures are up 10 points. September Dow futures are up 18 points.

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