Soybeans down 15¢. Friday, July 26, 2024

December corn is down 5¾¢ this morning.

November soybeans are down 15¾¢.

All three September wheat contracts are also in the red. CBOT wheat is down 8¢. KC wheat is down 9¢. Minneapolis wheat is down 2¾¢.

“August is just around the corner, and that means that the commodity markets intensify their focus on the size of this year’s corn and soybean crops,” says Arlan Suderman, chief commodities economist for StoneX. The company releases the results of its first customer survey-based yield estimates on Aug. 1. It is the first of many private estimates based on surveys and field tours in August.

The USDA projects new-crop corn ending stocks at just shy of 2.1 billion bushels, Suderman says, with 2024/2025 soybean ending stocks at 435 million bushels. “Will the heat of the coming days, combined with areas of dryness, be enough to draw those stock levels down to levels that would justify rationing demand with higher prices?” he questions. “That will be the debate taking place in the markets over the next 30 days.”

The USDA’s Aug. 12 World Agricultural Supply and Demand Estimates (WASDE) crop report includes production estimates based on satellite data and farmer surveys. “So we should see a change in yield,” Suderman says, adding that survey data for that report will be collected over the next 10 to 11 days. “Stress increases in the western belt during that time,” he reminds, “while conditions should be more favorable for the eastern belt.”

October live cattle are down 28¢ this morning. August feeder cattle are up 43¢. October lean hogs are up 25¢.

September crude oil is down 78¢.

The U.S. Dollar Index September contract is down to 104.02.

September S&P 500 futures are up 43 points. September Dow futures are up 420 points.

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