Soybeans up 11¢ at mid-morning. Thursday, August 29, 2024

December corn is up 2¼¢ this morning.

November soybeans are up 11¢.

December wheat contracts are mixed. CBOT wheat is down less than a penny. KC wheat is down 1¾¢. Minneapolis wheat is up 1½¢.

This morning USDA released the weekly Export Sales report.

“U.S. soybean export sales for the week ended Aug. 22 were large as expected, totaling 90.8 million bushels compared with trade expectations that ran 49.5 to 97.5 million bushels, and the previous week’s 60 million,” says The Brock Report. “Sales for 2024/2025 totaled 96.1 million bushels, while USDA reported net cancellations of 5.3 million bushels for 2023/2024 delivery. The sales total is supportive for soybean prices, but may already be largely factored into the futures market.

“… Net weekly U.S. corn export sales came in at 59.4 million bushels, near the high end of trade expectations that ran 23.5 to 63 million bushels and up slightly from the previous week’s sales of 55.5 million bushels. Sales for 2024/2025 delivery totaled 58.8 million bushels. The sales total looks supportive for corn futures.

“… Net weekly U.S. wheat export sales came in at 18.3 million bushels compared with trade expectations that ran 11 to 24 million bushels and the previous week’s sales of 18.1 million bushels. Sales for 2024/2025 delivery totaled 19.6 million bushels, with cancellations of 1.3 million bushels for 2025/2026 reported. The sales total looks neutral to supportive for wheat prices.”

October livestock contracts are mixed this morning. Live cattle are down 45¢. Feeder cattle are down $1.10. Lean hogs are up 15¢.

October crude oil is up $1.78.

The U.S. Dollar Index September contract is up to 101.44.

September S&P 500 futures are up 37 points. September Dow futures are up 296 points.

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