Corn up 2¢. Monday, September 25, 2023

December corn is currently up 2¾¢.

November soybeans are down 6¾¢.

CBOT wheat is up 9¢. KC wheat is up 4¼¢. Minneapolis wheat is up by less than a penny.

This morning USDA announced the sale of 1,661,160 metric tons of corn to Mexico. A total of 1,049,771 metric tons is to be delivered during the 2023/2024 marketing year. The remaining 611,389 metric tons are for the 2024/2025 marketing year.

Arlan Suderman, chief commodities economist for StoneX, says an overnight attack on Ukraine port city Odessa lended “modest support for grain and oilseed prices, particularly Chicago wheat.”

“However, the markets pretty much take the Ukraine export challenges in stride as long as Russia continues to dump massive amounts of cheap wheat on the world market, and Brazil does the same with corn,” he says. “The challenge would be if Ukraine were able to provide a legitimate threat to the movement of wheat and crude oil out of Russia. Thus far its strikes on Russia have only elevated risks for Russian commodities, but not sufficiently to curtail the volume of flow.”

Concerning the weather, Suderman says “Weekend rains focused on dry areas of the western Midwest, bringing a temporary slowdown to early harvest progress, while perhaps providing a boost to some of the late-maturing crops. The weather pattern is certainly turning wetter than it was, which is largely too late to help this year’s crops, but farmers will welcome the moisture for fall fieldwork, replenishing moisture levels for the next growing season, and for hopefully boosting water levels on the Mississippi River for transporting grain toward the Gulf ports, while facilitating movement of fertilizer northward.”

Crude oil is down 11¢.

S&P 500 futures are down a point. Dow futures are down 66 points.

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