Soybeans Up 4¢. Thursday, October 31, 2024
December corn is down less than a penny this morning.
January soybeans are up 4¢.
December wheat contracts are lower. CBOT wheat is down 7¼¢. KC wheat is down 8¢. Minneapolis wheat is down 7¢.
Earlier this morning USDA announced unknown destinations are buying 150,000 metric tons of soybean cake and meal for the 2024/2025 marketing year.
USDA also released the weekly U.S. Export Sales report this morning. In analyzing the report, The Brock Report said: “Net U.S. corn export sales for the week ended Oct. 24 came in at 92.2 million bushels compared with trade expectations that ran 71 to 134 million bushels and the previous week’s huge sales of 164.7 million bushels. The sales total is positive for corn prices, but has likely already been factored into futures prices after last week’s flurry of USDA daily sales announcements.
“Net weekly U.S. soybean export sales came in at 83.5 million bushels compared with trade expectations that ran 36.5 to 103 million bushels and the previous week’s sales of 79.1 million bushels. The sales total is positive news for soybean prices, but has likely already been factored into the futures market.
“Net weekly U.S. wheat export sales came in at 15.1 million bushels in line with trade expectations that ran 11 to 22 million bushels but down from the previous week’s sales of 19.6 million bushels. The sales total looks neutral for wheat prices.”
December live cattle are up 35¢. January feeder cattle are up 58¢. December lean hogs are down 20¢.
December crude oil is up 75¢.
The U.S. Dollar Index December contract is down to 103.77.
December S&P 500 futures are down 47 points. December Dow futures are down 231 points.
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