Soybeans start day up 9¢. Wednesday, August 9, 2023
December corn is currently flat while November soybeans are up 9¢.
CBOT wheat is down 11¢. KC wheat is down 7¢. Minneapolis wheat is down 6¢.
“Wheat prices are weaker this morning amid the absence of any fresh supportive headlines from the Black Sea,” says Arlan Suderman, chief commodities economist for StoneX. “That allows traders to focus on weak demand for U.S. wheat as Russia continues to dump record amounts of cheap wheat on the world market.
“Corn and soybean prices moved higher overnight. That doesn’t necessarily mean that traders are bullish the row crops, but rather that they are consolidating prices following recent losses, when November soybeans lost more than $1.50 per bushel of value and December corn took off more than 80¢.”
This morning USDA announced the sale of 251,000 metric tons of soybeans to China, to be delivered during the 2023/2024 marketing year.
October livestock are mixed. Live cattle are up 15¢. Lean hogs are down $1.03. Feeder cattle are up 58¢.
Crude oil is up $1.11.
S&P 500 futures are down 6 points. Dow futures are down 32 points.
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