Soybeans down 7¢. October 3, 2024
Grain futures are lower this morning as prices take a small setback following a strong start to the week. December corn is down 2¢, November soybeans are down 7¢, and the wheat complex is down 1¢ to 4¢. Traders will continue to monitor the drought conditions in Russian winter wheat area as well as updated forecasts for dry areas in Brazil.
The weekly export sales report was released this morning and should have favored the bulls. Wheat sales of 443,700 metric tons were on the high end of trade estimates, corn sales of 1,684,100 metric tons were on the high end of trade estimates, and soybean sales of 1,443,500 were near the high end of trade estimates.
Livestock futures opened mixed this morning. October feeder cattle are down 80¢, October live cattle are up 25¢, and October lean hogs are down 55¢. It will be interesting to see if the livestock futures remain quiet throughout the session after the strong rally posted yesterday.
In the outside markets, the U.S. dollar is up 0.27 at 101.70, Crude oil futures are up $3.07 at $73.17, and the S&P 500 futures are down 12 points. The strength in the crude oil market continues today as concerns in the Middle East continue to rise.
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