Corn, soy, & wheat red ahead of WASDE. Friday, July 12, 2024

December corn is down 5¾¢ this morning.

November soybeans are down 7¢.

All three September wheat contracts are down as well. CBOT wheat is down 12¼¢. KC wheat is down 16¢. Minneapolis wheat is down 13¢.

This morning at 11 a.m. CT, USDA is expected to release the July World Agricultural Supply and Demand Estimates (WASDE) report.

“The trade is braced for a bearish report that reinforces expectations for ample supplies of corn, soybeans, and wheat currently,” says Arlan Suderman, chief commodities economist for StoneX. “But the primary focus will be on the global balance sheet. Will USDA make notable changes to Black Sea wheat and corn production estimates, as well as Argentine and Brazilian corn production estimates? Modest reductions are expected, but traders would take notice if the declines are more significant, with positive implications for U.S. exports. The Black Sea continues to battle hot dry weather.”

Concerning Brazilian production, Bob Linneman, commodities broker with Kluis Commodity Advisors, says, “Brazil’s Conab released updated supply and demand data yesterday, which included an increase to corn supply, since second-crop corn yielded better than expected. Soybean production was left unchanged.” Conab is Brazil’s agricultural agency.

August live cattle are down 23¢ this morning. August feeder cattle are up $1.00. August lean hogs are up $1.63.

August crude oil is up 49¢.

The U.S. Dollar Index September contract is down to 103.90.

September S&P 500 futures are up 26 points. September Dow futures are up 90 points.

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