Soybeans down after Tuesday’s highs. Wednesday, September 25, 2024
The grain markets corrected on Tuesday with corn and wheat giving back some of the large gains made on Monday. Soybeans closed higher, but well off the early day highs. The rally yesterday was met with a lot of hedge pressure as farmers sold aggressively into the rally.
At this hour, December corn futures are down 1¢, November soybean futures are 4¢ to 5¢ lower, and wheat futures are 1¢ higher to 3¢ lower.
The major factor to watch this week is weather in South America; it remains very dry in central and northern Brazil, and Argentina has also turned dry. In the U.S., dry conditions are allowing harvest to advance rapidly, but it is also likely trimming the top end off of the corn and soybean yield. Most of the farmers in the northern Corn Belt that I have spoken with reported soybean yields lower than last year and lower than what they expected. The early-planted soybeans are the best-yielding soybeans.
The stock market in China is up 1.8% after going up 4% on Tuesday. Stocks in Japan are down 0.02%. European stocks are up 0.1%.
The U.S. Dollar Index is down 0.13 points at 100.33, and crude oil is down 80¢ per barrel at $70.76. Gold is up $10 per ounce, and the U.S. stock market is slightly lower.
In the livestock markets today, December hogs are up 30¢, October cattle are down 40¢, and November Feeder cattle are up 27¢.
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