Soybeans down 9¢. Tuesday, August 29, 2023
December corn is currently down 1¼¢.
November soybeans are down 9¼¢.
CBOT wheat is down 10¾¢. KC wheat is down 14¢. Minneapolis wheat is flat.
Arlan Suderman, chief commodities economist for StoneX, says while corn and soybean crop conditions declined in yesterday’s Crop Progress report, the decline was not as large as the market expected and this caused prices to retreat overnight.
“The market is still trying to find which direction it wants to go,” says Jeremy McCann, account manager with Farmer’s Keeper, “A continued poor export market seems to be squandering the movement that our current hot and dry weather pattern would lead to.”
October livestock are in the red this morning. Live cattle are down 55¢. Lean hogs are down 50¢. Feeder cattle are down 80¢.
Crude oil is down 30¢.
S&P 500 futures are up 9 points. Dow futures are up 56 points.
Outside of the U.S., milling wheat is down on the MATIF trade. Corn is down on the Dalian trade while soybeans are up.
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