Soybeans up 3¢. Wednesday, August 21, 2024

December corn is unchanged this morning.

November soybeans are up 3¢.

December wheat contracts are lower. CBOT wheat is down 8¢. KC wheat is down 5½¢. Minneapolis wheat is down 2¾¢.

Arlan Suderman, chief commodities economist at StoneX, says day two of the Prof Farmer Crop Tour found Indiana is on track to have “a bin-buster soybean crop.”

“In fact, the statewide average pod count for a 3’ X 3’ square was 1,409, which was the highest state average pod count for any state on the tour in 22 years,” Suderman says. “The total was up 7.6% from last year’s total of 1,310 pods, which resulted in a state record yield, and well above the three-year average for Indiana on the tour of 1,239 pods. The high pod count was credited to timely moisture from the remnants of Hurricane Beryl that passed through the region in late July.

“Indiana’s average corn yield was estimated at 187.5 bushels per acre [bpa], up from 180.9 bpa the previous year, and above the three-year average tour yield for the state of 184.1 bpa.

“The western leg of the tour saw an average Nebraska pod count of 1,172, which was the largest since 2021, up from 1,160 pods last year, and up from the three-year average of 1,150 pods. Nebraska’s average corn yield was estimated to be 173.2 bpa, up from 167.2 bpa in 2023, and up from the three-year average of 169.4 bpa.”

For the third day in a row, USDA announced new soybean export sales:

• China is buying 132,000 metric tons for the 2024/2025 marketing year
• Unknown destinations are buying 121,000 metric tons for the 2024/2025 marketing year.

October live cattle are down 40¢ this morning. September feeder cattle are up 55¢. October lean hogs are up 90¢.

October crude oil is up 38¢.

The U.S. Dollar Index September contract is down to 101.27.

September S&P 500 futures are up 18 points. September Dow futures are up 12 points.

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