Corn, soy, & wheat start week in the red. Monday, September 16, 2024

December corn is down 4¢ this morning.

November soybeans are down less than a penny.

December wheat contracts are also down. CBOT wheat is down 17½¢. KC wheat is down 18½¢. Minneapolis wheat is down 15¾¢.

This morning USDA announced unknown destinations are buying 132,000 metric tons of soybeans for the 2024/2025 marketing year.

“The grain and oilseed markets pulled back overnight, following recent solid gains,” says Arlan Suderman, chief commodities economist at StoneX. “The market feels greater confidence now that it has priced in the size of the big Midwest corn and soybean crops, after USDA’s yield estimates [in last week’s World Agricultural Supply and Demand Estimates report] were little changed from August, and similar to private estimates. We’ll see an increasing flow of harvest results in the days and weeks ahead to provide guidance, while traders will also be increasingly focused on export sales and shipments, as well as South American weather.”

October livestock contracts are mixed this morning. Live cattle are down 35¢. Feeder cattle are up 40¢. Lean hogs are up $1.53.

October crude oil is up $1.78.

The U.S. Dollar Index December contract is down to 100.36.

December S&P 500 futures are down less than a point. December Dow futures are up 207 points.

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