Soybean continue to rally. September 24, 2024
The grain markets rallied sharply higher on Monday with soybeans posting gains of 25¢ to 27¢ per bushel, and the rally continues this morning. Over the weekend, the extended forecasts for central and northern Brazil changed, calling for less rain and more heat.
The major news overnight is that the central bank of China lowered interest rates and changed several economic policies to stimulate their economy. This is good news for the stock market in China, energy markets, and soybean market.
The stock market in China is up 4%, while stocks in Japan are up 0.05%. European stocks are up 0.9%.
The USDA Crop Progress report on Monday showed corn conditions at 65% good/excellent, which is unchanged from last week. Harvest was reported at 14% complete, up 9 percentage points from last week, and 3 percentage points ahead of the five-year average. For soybeans, the U.S. crop is rated at 64% good/excellent, unchanged from last week. Harvest is reported at 13%, up 7 percentage points from last week. The amount harvested was below my estimates.
At this hour, December corn futures are up 2¢. November soybean futures are 9¢ to 10¢ higher, and wheat futures are 1¢ to 3¢ lower.
In the outside markets, the U.S. Dollar Index is down 0.26 points at 100.59. Crude oil is up 90¢ per barrel at $71.99. Gold is up $18 per ounce, and the U.S. stock market is slightly higher.
In the livestock markets today, December hogs are up 10¢, October cattle are up 50¢, and November Feeder cattle are up $1.32.
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