Soybeans starting the day up 13¢. Wednesday, September 18, 2024
December corn is up 1¼¢ this morning.
November soybeans are up 13¼¢.
December wheat contracts are also up. CBOT wheat is up 5¢. KC wheat is up 4¾¢. Minneapolis wheat is up a penny.
Discussing the overnight trading session, The Brock Report said this morning that soybean futures broke through nearby resistance with support coming from concerns over dryness in Brazil’s top growing areas, technical short covering, and the expectation the U.S. Federal Reserve will cut the federal funds rate later today.
“Futures did back off late in early trade on profit taking,” said The Brock Report. “Corn and soybean futures posted much smaller gains as they traded very narrow ranges amid a lack of fresh fundamental news.”
The U.S. Federal Reserve’s Federal Open Market Committee wraps up its September meeting today. Naomi Blohm, senior market advisor with Total Farm Marketing, says the trade is expecting a cut somewhere between a quarter and half a percentage point and it is not yet clear how much this has already been priced into the market.
October livestock contracts are mixed this morning. Live cattle are down 5¢. Feeder cattle are down 45¢. Lean hogs are unchanged.
October crude oil is down 17¢.
The U.S. Dollar Index December contract is down to 100.43.
December S&P 500 futures are down 2 points. December Dow futures are down 110 points.
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