Corn starting day up 3¢. Wednesday, October 18, 2023

December corn is currently up 3¾¢.

November soybeans are up 5¾¢.

CBOT wheat is up 6¢. KC wheat is up 5¾¢. Minneapolis wheat is up 5¼¢.

This morning USDA announced China is purchasing 132,000 metric tons of soybeans for delivery during the 2023/2024 marketing year.

“China is rapidly moving toward the use of genetically modified crops in its efforts to become self-sufficient in food production,” says Arlan Suderman, chief commodities economist for StoneX. “GMO crops had been heavily restricted until recently, but the Chinese government had a change of heart over the past couple of years as tensions with the West escalated, raising its food security insecurities.

“As such, China’s Ministry of Agriculture approved 39 GMO corn and 14 GMO soybean varieties on Tuesday of this week as it races to get GMO technology into the field. It believes that it can increase corn yields by 6% to 12% by adopting GMO technology, although the potential is likely much higher than that.”

Al Kluis, managing director of Kluis Commodity Advisors, says he is keeping an eye on weather in South America right now.

“It is too hot and dry in Argentina and northern Brazil, and too wet in southern Brazil,” he says. “The early forecasts are again for a record soybean crop in South America. I am watching to see if this early, very optimistic, forecast is finally right. The optimistic early forecasts have been wrong the last three years.”

Crude oil is up $1.68.

S&P 500 futures are down 21 points. Dow futures are down 94 points.

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