Soybeans and wheat making gains. Friday, August 9, 2024

December corn is down less than a penny this morning.

November soybeans are up 2½¢.

September wheat contracts are also higher. CBOT wheat is up 11¼¢. KC wheat is up 10¼¢. Minneapolis wheat is up 11¢.

This morning the USDA announced export sales to three destinations:

• China is buying 132,000 metric tons of soybeans for the 2024/2025 marketing year.
• Colombia is buying 100,000 metric tons of soybean cake and meal — 12,000 for 2023/2024 and 88,000 for 2024/2025.
• Unidentified destinations are buying 212,000 metric tons of soybeans — 50,000 for 2023/2024 and 162,000 for 2024/2025.

On Monday the USDA is expected to release the August World Agricultural Supply and Demand Estimates (WASDE) report. Bob Linneman, commodities broker with Kluis Commodity Advisors, questions: “If we get a bearish USDA report on Monday, will it set a low on the charts? A bearish report followed by a positive close on Monday would be a good sign for the bulls.”

Livestock are currently mixed. October live cattle are up 48¢. September feeder cattle are up $1.10. October lean hogs are down 8¢.

September crude oil is down 7¢.

The U.S. Dollar Index September contract is down to 102.94.

September S&P 500 futures are down 13 points. September Dow futures are down 152 points.

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