Grains start the week mixed. Monday, October 7, 2024

December corn is up a penny this morning.

November soybeans are down 2¢.

December wheat contracts are mixed this morning. CBOT wheat is up 2¢. KC wheat is up a penny. Minneapolis wheat is down less than a penny.

“The Midwest should remain mostly dry and seasonally warm over the next two weeks,” says Arlan Suderman, chief commodities economist for StoneX. “That continues to encourage a rapid dry down of this year’s corn and soybean crops. Farmers save drying costs when they allow corn to dry in the field, but crops that dry down too much in the field also cost them money.

“As such, they are working around the clock to bring this year’s crops in, creating challenges for storage space, which pushes bushels onto the market. That creates downward pressures on cash basis, while also creating pressure for futures. Rains are still coming to Brazil this week, although totals have been dialed back modestly.”

Today at 3 p.m. CT USDA is expected to release the weekly Crop Progress report. Al Kluis, managing director for Kluis Commodity Advisors, says he expects the report will peg corn harvest 35% to 38% complete and soybean harvest 40% to 45% complete.

This morning USDA announced new export sales for the 2024/2025 marketing year:

• Mexico is buying 155,000 metric tons of corn
• Unknown destinations are buying 172,500 metric tons of soybeans.

December live cattle are up 50¢. November feeder cattle are up 65¢. December lean hogs are up 5¢.

November crude oil is up $1.18.

The U.S. Dollar Index December contract is down to 102.20.

December S&P 500 futures are down 22 points. December Dow futures are down 162 points.

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