Corn and soy down ahead of WASDE. Friday, March 8, 2024

May corn is currently down 3¾¢.

May soybeans are down 3¢.

CBOT wheat is up 2¼¢. KC wheat is down a penny. Minneapolis wheat is up slightly.

This morning USDA announced China canceled another order of soft red winter wheat that was supposed to be delivered during the 2023/2024 marketing year. This time it was for 110,000 metric tons.

“USDA will release its March WASDE [World Agricultural Supply and Demand Estimates] crop report at 11 a.m. Chicago time,” says Arlan Suderman, chief commodities economist for StoneX. “The primary focus of the trade will be on USDA’s corn and soybean production estimates for Brazil.

“USDA surprised the trade by only lowering Brazil’s soybean production estimate by 1 million metric tons (mmt) to 156 mmt in February, while most private estimates are either side of 150 mmt. Another very modest reduction, or possibly a bounce in the estimate, would likely be seen in bearish by the trade, while the bulls could be encouraged if we see a more significant reduction.”

Live cattle are up $1.03. Feeder cattle are up $2.03. Lean hogs are flat.

Crude oil is down 36¢.

S&P 500 futures are up 22 points. Dow futures are up 140 points.

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