Grains on the rise. Friday, August 2, 2024

December corn is up 4¼¢ this morning.

November soybeans are up 13¢.

For the second day in a row, USDA announced a soybean sale to China. Today’s announcement is for 202,000 metric tons of soybeans for the 2024/2025 marketing year.

September wheat contracts are also in the green. CBOT wheat is up 4¼¢. KC wheat is up 4¢. Minneapolis wheat is up 9½¢.

“Grain futures were mixed on Thursday,” says Bob Linneman, commodities broker with Kluis Commodity Advisors. “Corn and soybeans were lower while wheat was higher. As we head into the weekend, traders will be watching the weather forecast for any changes to heat and rainfall. Grain prices have fallen further than most traders anticipated, which could be a sign that we have found a low.”

Near the end of the overnight session, The Brock Report said short covering and a lower U.S. dollar were providing support to grains and oilseeds.

The U.S. Dollar Index September contract is down to 103.02.

September crude oil is down $2.52.

“Crude oil prices traded in a wide range this week,” Linneman says. “Key stories include escalating tensions between Iran and Israel (bullish) and economic reports that indicate global slowdown in demand for crude (bearish). If war unfolds in the Middle East, then crude could test the topside of the summer trading range.”

October live cattle, September feeder cattle, and October lean hogs are in the red this morning, down $2.30, $5.50, and 38¢, respectively.

S&P 500 futures are down 104 points. September Dow futures are down 509 points.

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