Corn starting the day up 2¢. Wednesday, August 30, 2023

December corn is currently up 2¼¢.

November soybeans are up 3½¢.

December CBOT wheat is up 7¾¢. December KC wheat is down by less than a penny. December Minneapolis wheat is down 4½¢.

“The grain belt and plains are very dry over the next seven to 10 days with little to no rainfall, multiple forecasts agree,” says Jeremy McCann, account manager with Farmer’s Keeper.  “Markets will continue to trade based on the dry forecast, but it seems as though they are struggling to break mental ‘resistance levels’ of $5 for corn and $14 for soybeans. Persistent dry weather outside of the 10-day forecast may lead to elevated levels but that remains to be seen.”

October livestock are in the red this morning. Live cattle are down 30¢. Lean hogs are down 73¢. Feeder cattle are down 55¢.

Crude oil is up 68¢.

S&P 500 futures are up 15 points. Dow futures are up 192 points.

Outside of the U.S., milling wheat is up on the MATIF trade. Corn and No. 1 soybeans are up on the Dalian trade but No. 2 soybeans are down.

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