Grain prices start the day mixed. August 28, 2024

Corn is steady, soybeans are down 9¢, and wheat is up 5¢ to 6¢.

Traders were glad to see another round of export sales announced this morning in the daily report. China bought 264,000 tons of soybeans, Columbia bought 100,000 tons of corn, and Mexico bought 165,735 tons of corn. We need to see more daily sales like these on a consistent basis for traders to feel comfortable saying the low is in.

Livestock futures are mixed this morning. Feeder cattle are up 40¢, and live cattle are down 30¢ to 40¢. Lean hogs are steady, 25¢ higher.

Cattle traders are concerned about direction over the coming months if the economic data shows a recession unfolding in the U.S.

The U.S. dollar index touched 100.40 yesterday, which was very close to prior support levels on the continuation chart.

Traders feel the trend for the dollar will remain bearish as the Federal Reserve is expected to raise rates at least once before the year end. The stock market will be watched closely for any aggressive moves lower, if upcoming economic reports are more negative than expected.

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