Corn futures close down 7¢. Monday, October 14, 2024
The grain markets moved lower today with futures dropping down to test chart support. The weather in South America is improving and, in the rapid U.S. harvest progress is putting hedge pressure on the corn and soybean markets.
I am looking for the USDA to announce tomorrow that the U.S. soybean harvest is now over 70% complete and that the U.S. corn harvest is over 50% complete.
The extended weather forecasts in Brazil and the U.S. are the main trade factors right now. Some much-needed rain hit in central and southern Brazil with more on the way. The best rain event of the season went through the heart of the grain production area in Argentina over the weekend.
I mentioned this morning that I was watching two key chart support levels: $4.10 for December corn and $9.98 for the November soybean chart. Prices dropped below those support levels late in the day. Now support is at $4.05 for December corn and $9.95 (the late September low) for November soybeans.
Corn futures closed down 7¢. Soybean futures closed 9¢ to 10¢ lower. Wheat futures closed 14¢ to 15¢ lower.
The stock market in China closed up 2% today. European stocks were 0.1% higher. In the U.S. at this hour, indexes are moving up to new all-time highs with the S&P up 46 points and the Dow up 200.
The U.S. Dollar Index is up 0.36 points at 103.25. Crude oil is down $1.70 per barrel at $73.83. Gold is down $9 per ounce.
In the livestock markets today, December hogs closed down $1.85 at $75.80, October live cattle closed down 35¢ at $188.25, and November feeder cattle closed down 22¢ at $249.57.
Corn and wheat lower this morning: 11:03 a.m. CT
The grain markets were hit hard on Friday and were mostly lower again in the early trade. Some much-needed rain moved through central Brazil over this weekend with more on the way later this week. Argentina also received some much-needed rain.
The USDA Crop Progress report comes out tomorrow afternoon because of the Columbus Day holiday. I anticipate that the U.S. soybean harvest will be over 70% complete and that the U.S. corn harvest will be over 50% complete. By next week hedge pressure should start to slow down. The two key price support levels I am watching today are $4.10 for December corn and $9.98 for November soybeans
The stock market in China is up 2%. Stocks in Japan are down 0.02%. European stocks are up 0.1%.
Near the end of the 8 a.m. hour, December corn futures were down 4¢. November soybean futures were up a penny after opening 8¢ to 10¢ lower, and wheat futures were a penny to 4¢ lower.
The U.S. Dollar Index was up 0.34 points at 103.29. Crude oil was down 95¢ per barrel at $74.60. Gold was up $1 per ounce. The U.S. stock market was slightly higher with the S&P 500 making new all-time highs.
December lean hogs were down $1.15. October live cattle were down 30¢. November feeder cattle were up 40¢.
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Author: Al Kluis
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