Grain prices start the day mixed. September 26, 2024
Grain prices are mixed this morning as traders assess the outside markets and forecast updates for Brazil. Corn is down 1¢, soybeans are up 2¢, and wheat is up 1¢ to 4¢.
An export sale was announced this morning for 115,000 metric tons of corn to Mexico, which brings the two-day total sales to 285,000 metric tons. The weekly export sales report released this morning was negative for wheat (158,900 metric tons), negative for corn (535,100 metric tons) and positive for soybeans (1,574,700 metric tons). Traders will continue to closely monitor the updates for South American weather as dry conditions in Brazil will likely encourage more short covering and new buyers.
Livestock futures are lower this morning. Feeder cattle are down $2.15 to $2.60, live cattle are down 95¢ to $1.20, while lean hogs are down 70¢ to $1.40.
October feeder cattle rallied nearly $17 from the Sept. 9 low hit to the high hit yesterday. October live cattle are up $10 from the same Sept. 9 low to the high hit on Tuesday. A pullback should be expected; watch for moving averages to provide support in the short-term.
The outside markets are mixed this morning. The U.S. Dollar index is steady at 100.64 and crude oil is down $2.42, while the S&P 500 futures are up 27 points.
Traders are curious to see what the next round of economic data will show in the U.S. Many economists expect the Fed to keep cutting rates over the short term, however there is much discussion as to the pace of cuts. Crude is seeing selling pressure today likely tied to headline that Saudi Arabia is committed to increasing production. If crude falls below the Sept. 10 low at $64.61, it could have a negative impact on multiple markets.
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