Soybeans up 18¢. Monday, August 21, 2023

December corn is currently down a penny.

November soybeans are up 17½¢.

CBOT wheat is down 12¼¢. KC wheat is down 16¼¢. Minneapolis wheat is down 12½¢.

Bryant Sanderson, commodity broker with CHS Hedging, says the “heat dome” settling over the Midwest this week sent soybeans and corn prices up overnight. Near the overnight open December corn jumped up to $5.06 a bushel and then declined. Sanderson says the heat will primarily stress Iowa and Illinois over the next 10 days.

USDA announced new export sales this morning. A total of 111,770 metric tons of corn are to be delivered Mexico during the 2023/2024 marketing year and 159,350 metric tons of soybeans were sold to unknown destinations for the 2023/2024 marketing year.

This afternoon the USDA Crop Progress report will be released. Al Kluis, managing director for Kluis Commodity Advisors, says to expect corn and soybean condition ratings to be higher today but then to decline in the coming weeks as the hot weather takes a toll on yields.

October livestock are mixed this morning. Live cattle are up $1.33. Lean hogs are down 85¢. Feeder cattle are up $2.15.

Crude oil is up 4¢.

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