Soybean up 4¢ this morning. Tuesday, September 17, 2024

December corn is unchanged this morning.

“The corn harvest is going to be at a record or near-record pace over the next few weeks with the current [hot and dry] forecast,” says Al Kluis, managing director of Kluis Commodity Advisors. “This will likely result in an early harvest low.”

In yesterday’s Crop Progress report, USDA said as of Sept. 15 the corn harvest across 15 of the top 18 growing states was 9% complete, ahead of the five-year average of 6%.

Kluis also notes, “I am watching the weather pattern in South America, where dry conditions continue in most of central and northern Brazil…. If the hot, dry weather continues, then it is initially bullish to corn and eventually to soybeans.”

November soybeans are up 4¼¢.

December wheat contracts are also up. CBOT wheat is up 1¼¢. KC wheat is up 2¢. Minneapolis wheat is up 4½¢.

The U.S. Federal Reserve’s Federal Open Market Committee meets today and tomorrow. Arlan Suderman, chief commodities economist at StoneX, says Wall Street is hoping for a 0.5% cut to the federal funds rate. Naomi Blohm, senior market advisor with Total Farm Marketing, says markets may be quiet until the cut is announced.

October livestock contracts are higher this morning. Live cattle are up 50¢. Feeder cattle are up 90¢. Lean hogs are up $1.28.

October crude oil is up 77¢.

The U.S. Dollar Index December contract is up to 100.55.

December S&P 500 futures are up 21 points. December Dow futures are up 83 points.

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