Soybeans up nearly 4¢ ahead of WASDE. Friday, October 11, 2024
December corn is up a penny this morning.
November soybeans are up 3¾¢.
December wheat contracts are trading near unchanged. CBOT and KC wheat are on the plus side of unchanged and Minneapolis wheat is on the negative.
Today at 11 a.m. CT USDA is expected to release the October World Agricultural Supply and Demand Estimates (WASDE) report.
“For today’s USDA report, trade is not looking for any major tweaks,” said Naomi Blohm, senior market advisor with Total Farm Marketing. “Often times, the October report has minimal adjustments, as the USDA is waiting for additional harvest yield results. Bigger tweaks start to emerge in November and December.”
Bob Linneman, commodities broker with Kluis Commodity Advisors, said “Once the USDA report is released, we are likely to see traders switch focus back to South American weather. If dryness returns for the last half of October, we could see prices quickly return to levels seen last week.”
For more on what to expect in today’s WASDE report, check out this analysis from Grain Market Insider.
Earlier this morning USDA announced unknown destinations are buying corn and soybeans:
- 132,000 metric tons of soybeans for the 2024/2025 marketing year
- 577,928 metric tons of corn for the 2024/2025 marketing year.
December live cattle are up 8¢ this morning. November feeder cattle are down 13¢. December lean hogs are up 3¢.
November crude oil is down 72¢.
The U.S. Dollar Index December contract is down to 102.71.
December S&P 500 futures are down 4 points. December Dow futures are up 38 points.
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