Soybeans down 16¢. Tuesday, September 10, 2024

December corn is down 2¢ this morning.

November soybeans are down 16¾¢.

December wheat contracts are moving higher. CBOT wheat is up 9½¢. KC wheat is up 9¢. Minneapolis wheat is up 6¾¢.

“The soybean market has been a roller coaster over the past several sessions and went into a new dip overnight under pressure from USDA’s stronger-than-expected U.S. crop rating,” says The Brock Report. “The soybean market weakness pulled corn futures lower as well, along with rising harvest pressure…”

In yesterday’s Crop Progress report USDA held steady the good/excellent rating for the soybean crop in the top 18 growing states.

Later this week, on Thursday, USDA is expected to release the September World Agricultural Supply and Demand Estimates (WASDE) report.

Arlan Suderman, chief commodities economist for StoneX, says, “This will be the first report with summer crop production estimates based on actual field sampling, which leaves the door open for potential surprises. Thursday’s report should go a long way toward communicating to the market whether it has fully priced in the size of this year’s crops.”

October livestock contracts are mixed this morning. Live cattle are down 40¢. Feeder cattle are up 38¢. Lean hogs are down 20¢.

October crude oil is down $1.08.

The U.S. Dollar Index September contract is up to 101.74.

September S&P 500 futures are up 15 points points. September Dow futures are down 118 points.

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