Grains mixed at start of short week. Tuesday, September 5, 2023

December corn is currently up a penny.

November soybeans are down a penny.

CBOT wheat is up 3¢. KC wheat is down 2½¢. Minneapolis wheat is up 1¾¢.

“The Midwest forecast shifted milder and somewhat wetter over the holiday weekend, which allows conditions to improve as this year’s corn and soybean crops finish the growing season,” says Arlan Suderman, chief commodities economist for StoneX. “Crops will vary as to how much they benefit from this improved weather pattern. Overall benefits will be somewhat limited, although the improvement in conditions certainly should slow additional losses if the season had finished under worse conditions.

“The focus now is on the extent of damage done to the crops over the past several weeks, which have been quite dry across most of the Ag Belt, with periods of extreme heat included in that time frame as well. Agronomically, such a finish tends to result in smaller corn and soybean kernels that results in lower yield.”

Today the weekly Crop Progress report is expected at 3 p.m. CDT. Al Kluis, managing director of Kluis Commodity Advisors, says he expects corn and soybean condition ratings to drop 1% to 3%.

This morning USDA announced an export sale of 251,000 metric tons of soybeans to unknown destinations, to be delivered during the 2023/2024 marketing year.

Crude oil is up $1.63.

S&P 500 futures are down 15 points. Dow futures are down 97 points.

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