Corn down 5¢ this morning. Thursday, July 18, 2024

December corn is down 5¾¢ this morning.

November soybeans are down 3¾¢.

September wheat contract are mixed. CBOT wheat is down 2¢. KC wheat is up 2¢. Minneapolis wheat is up 10¢.

This morning USDA announced unknown destination are buying:

• 510,000 metric tons of soybeans for the 2024/2025 marketing year
• 150,000 metric tons of soybean cake and meal for the 2024/2025 marketing year.

“The market will assume the soybeans are headed to China,” says The Brock Report. “This would appear to confirm market talk of recent strong interest from Chinese buyers in U.S. soybeans for November delivery and likely marks the first significant Chinese purchases of U.S. beans for next marketing year.”

USDA also released the weekly Export Sales report this morning.

 “Net U.S. corn export sales for the week ended July 11 came in at 36.3 million bushels (mb), in line with trade expectations for 19.5 mb to 47.0 mb and up from the previous week’s 25.8 million,” says The Brock Report. “However, only 17.2 mb in sales were for 2023/2024 delivery. Weekly corn export shipments rose to 43.5 mb from the previous week’s 34.6 million.

“Net weekly U.S. soybean export sales totaled 27.0 mb, toward the high end of trade expectations that ran 11.0 mb to 33.0 mb and up from the previous week’s 14.6 million. However, only 13.2 mb in sales were for 2023/2024 delivery. Soybean export sales of nearly 1.667 billion bushels for 2023/2024 to date were 13.7% below a year earlier. Weekly soybean export shipments totaled just 7.4 mb, well below the level needed for old-crop exports to reach USDA’s current forecast.

“…Net weekly U.S. wheat export sales totaled 21.3 mb, near the high end of trade expectations that ran 8.5 mb to 22.0 mb and up from the previous week’s 8.8 million. U.S. wheat export sales for the marketing year to date totaled 262 mb, up 42.2% from a year earlier.”

August live cattle are down 40¢ this morning. August feeder cattle are down 65¢. August lean hogs are down 28¢.

August crude oil is down 40¢.

The U.S. Dollar Index September contract is up to 103.71.

September S&P 500 futures are up 22 points. September Dow futures are up 147 points.

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