Grains start week in the red. Monday, September 18, 2023

December corn is currently down 3¢.

November soybeans are down 14½¢.

CBOT wheat is down 10¼¢. KC wheat is down 12¾¢. Minneapolis wheat is down 8¾¢.

“Corn and soybean futures again showed little movement in the early trading session amid a lack of fresh fundamental news, with rising U.S. harvest activity and poor export demand keeping pressure on both markets,” said The Brock Report this morning. “Wheat futures sold off again overnight under pressure from indications world supplies are currently ample relative to demand.”

This morning USDA announced a new export sale. China is purchasing 123,000 metric tons of soybeans, to be delivered during the 2023/2024 marketing year.

Later today USDA is expected to release the weekly Crop Progress report. Al Kluis, managing director of Kluis Commodity Advisors, says he expects corn and soybean condition ratings to be 1% to 3% lower. He also expects corn harvest to be reported as 5% to 8% complete and soybean harvest 10% to 12% complete.

“Crop conditions will move lower today, but more attention now will focus on actual yield reports,” he says. “From my limited customer reports, 80% are a little disappointed with the corn yield, and 20% are getting what they had expected. Zero percentage have reported better-than-expected.”

Crude oil is up 65¢.

S&P 500 futures are down 2 points. Dow futures are down 40 points.

Outside of the U.S., milling wheat is down on the European MATIF trade. Corn and soybeans are up on the Chinese Dalian trade.

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