Corn, soy, & wheat starting week in the green. Monday, September 23, 2024
December corn is up 10½¢ this morning.
November soybeans are up 29½¢.
December wheat contracts are also higher. CBOT wheat is up 17¢. KC wheat is up 16¢. Minneapolis wheat is up 11¾¢.
Naomi Blohm, senior market advisors with Total Farm Marketing, says the overnight trade saw a lot of activity from managed money exiting short positions before the end of the year’s 3rd quarter.
This morning USDA announced unknown destinations are buying 165,000 metric tons of soybeans for the 2024/2025 marketing year.
At 3 p.m. CT today USDA is expected to release the weekly Crop Progress report. Al Kluis, managing director of Kluis Commodity Advisors, says he expects dry weather has driven the corn and soybean good/excellent condition ratings for the top 18 growing states one to three percentage points lower.
The Commstock Report says harvest yield reports are more varied this year than they have been for 20 years. “Sometimes just a mile or two and we have a 30 bushel soybean yield difference,” says the Commstock Report.
December live cattle are up $1.05. October feeder cattle are up 85¢. December lean hogs are up 68¢.
November crude oil is up 78¢.
The U.S. Dollar Index December contract is up to 100.67.
December S&P 500 futures are up 12 points. December Dow futures are up 25 points.
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