Soybeans and wheat making gains. Friday, August 9, 2024
December corn is down less than a penny this morning.
November soybeans are up 2½¢.
September wheat contracts are also higher. CBOT wheat is up 11¼¢. KC wheat is up 10¼¢. Minneapolis wheat is up 11¢.
This morning the USDA announced export sales to three destinations:
- China is buying 132,000 metric tons of soybeans for the 2024/2025 marketing year.
- Colombia is buying 100,000 metric tons of soybean cake and meal — 12,000 for 2023/2024 and 88,000 for 2024/2025.
- Unidentified destinations are buying 212,000 metric tons of soybeans — 50,000 for 2023/2024 and 162,000 for 2024/2025.
On Monday the USDA is expected to release the August World Agricultural Supply and Demand Estimates (WASDE) report. Bob Linneman, commodities broker with Kluis Commodity Advisors, questions: “If we get a bearish USDA report on Monday, will it set a low on the charts? A bearish report followed by a positive close on Monday would be a good sign for the bulls.”
Livestock are currently mixed. October live cattle are up 48¢. September feeder cattle are up $1.10. October lean hogs are down 8¢.
September crude oil is down 7¢.
The U.S. Dollar Index September contract is down to 102.94.
September S&P 500 futures are down 13 points. September Dow futures are down 152 points.
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