Grains up in morning trading. September 29, 2023

The corn and soybean markets and wheat prices are higher in the overnight trade. It is slow trading ahead of the USDA reports. The weather in the US is perfect for harvest which is likely to create some hedge pressure in the corn and soybean markets by the close of trade.

There are two keys today to watch in the USDA reports.

First is what the USDA finds for corn stocks as of Sept. 1. The trade has some wild differences in the projected feed usage and therefore ending stocks.

Second is spring wheat yields – the reports are for disappointing yields across the entire area.

At this time corn futures are 1¢ per bushel higher, soybeans are up 3¢ and wheat futures are 3-4¢ higher.

The U.S. dollar Index is down 0.48 points at 105.74, crude oil is up 10 cents per barrel at $91.79, S&P futures are up 19 points at 4,357. Dow futures are up 138 points at 34,030 and gold futures are up $10 per ounce at $1,879.

Tags: corn, soybeans, wheat, futures