Corn down 6¢. Friday, August 16, 2024

December corn is down 6½¢ this morning.

November soybeans are down 9¢.

December wheat contracts are also down. CBOT wheat is down 2¼¢. KC wheat is down 4¢. Minneapolis wheat is down 1½¢.

“December corn is range bound between $3.95 and $4.05 at the moment,” said Naomi Blohm, senior market adviser at Total Farm Marketing, during the overnight trade. “If 3.95 fails, the downside points to the $3.75 area. Should the market be able to climb above $4.05, the next target higher is $4.15.

“November beans are testing support at the $9.50 area. Resistance is at $9.75. A close below $9.50 points to $9.00. A close above $9.75 points to $10.00.”

Currently, December corn is below that $3.95 level.

“Grain prices seem likely to chop around here at these lower values for a couple more weeks,” says Blohm. “There is no sign of a low yet.

“However, it is time to start looking for the ‘harvest low.’ The harvest low for corn, wheat, and soybeans, from a seasonal perspective, often times can occur in mid- to late September.”

October live cattle are down 3¢. September feeder cattle are down 65¢. October lean hogs are unchanged.

September crude oil is down $1.20.

The U.S. Dollar Index September contract is down to 102.48.

September S&P 500 futures are down 7 points. September Dow futures are down 16 points.

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