Soybeans down 19¢ this morning. Tuesday, August 13, 2024

December corn is down 4½¢ this morning.

November soybeans are down 19½¢.

September wheat is also down. CBOT wheat is down 5¾¢. KC wheat is down 2¾¢. Minneapolis wheat is down 1¾¢.

“Red dominates the corn and soybean futures’ quote screens again this morning with corn futures unable so far to follow-through on Monday’s bullish reversals amid prospects for abundant U.S. supplies this fall,” said The Brock Report in its Tuesday morning update near the end of the overnight trading session. “Soybean futures, meanwhile, continue to plunge to new long-term lows with a better-than-expected weekly crop rating adding to the pressure from USDA’s big U.S. crop and ending stocks estimates.”

Yesterday, USDA released the August World Agricultural Supply and Demand Estimates (WASDE) report and the weekly Crop Progress report. The WASDE report upped the 2024/2025 marketing year soybean ending stocks by 125 million bushels month-over-month. In the Crop Progress report, USDA held corn and soybeans’ good/excellent crop condition ratings steady week-over-week.

This morning, USDA announced two new export sales:

• China is buying 132,000 metric tons of soybeans for the 2024/2025 marketing year
• Mexico is buying 137,160 metric tons of corn for 2024/2025

Livestock are currently mixed. October live cattle are up $1.33. September feeder cattle are up $1.85. October lean hogs are down $1.95.

September crude oil is down $1.33.

The U.S. Dollar Index September contract is down to 102.75.

September S&P 500 futures are up 36 points. September Dow futures are up 75 points.

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