Grain markets higher as rail strike in Canada goes to arbitration. August 23, 2024

Grain markets were hit hard Thursday on large crop yield forecasts and concern about the Canadian rail strike. The rail strike is over, with the government mandating arbitration. This has the grain markets all higher today.

At a meeting in Jackson Hole, Wyoming, Fed Chair Jerome Powell hinted at a rate reduction in September. The question is will it be one-quarter or one-half a percent.

The key to watch today is if December corn can close over $4.00 and November soybeans over $9.80 to turn the trend.

At this hour December corn futures are up 1¢ at $3.94. November soybeans are up 10¢ at $9.72, and wheat futures are 1¢ to 5¢ lower.

Global Stock Markets: The stock market in China is down 0.6%, while stocks in Japan are up 0.2%. European stocks are up 0.2%.

Outside Markets:The U.S. Dollar Index is down .8 points at 100.70. Crude oil is up $1.60 per barrel at $74.64. Gold is up $36 per ounce. The U.S. stock market is higher, with the Dow up 434 points at noon ET.

Tags: futures, grain markets, corn, soybeans, wheat