Soybeans starting day up 9¢. Thursday, December 7, 2023

March corn is up 2½¢ this morning.

January soybeans are up 9¾¢.

CBOT wheat is down 9½¢. KC wheat is down 7¾¢. Minneapolis wheat is down 2¾¢.

“The run of U.S. soft red winter wheat daily flash sales to China has halted – at least for now – and wheat is reacting accordingly after a strong recent rally,” says Arlan Suderman, chief commodities economist for StoneX. “However, private exporters did report another 121,000 tonnes (4.5 million bushels) of soybeans sold to “unknown” for 2023/24, and weekly export sales figures for both corn and soybeans were fairly strong as well.

“For all the hand-wringing about losing corn and soybean sales to Brazil and slow early export paces, those numbers are still on tap seasonally to exceed current USDA targets for ‘23/24. The trade isn’t expecting any increases in USDA demand estimates tomorrow, though – much easier for the government to wait until the January “final” report and put together supply and demand revisions all at once.”

Tomorrow at 11 a.m. CST USDA is expected to release the December World Agricultural Supply and Demand Estimates (WASDE) report.

In this morning’s export sales report for the week ending Nov. 30, USDA reported:

• Corn: net sales of 1,288,900 metric tons for 2023/2024
• Soybeans: net sales of 1,517,600 metric tons for 2023/2024
• Wheat: Net sales of 356,400 metric tons for 2023/2024

Live cattle are up 5¢. Lean hogs are down $1.25. Feeder cattle are up $1.28.

Crude oil is up 82¢.

S&P 500 futures are up 16 points. Dow futures are down 2 points.

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