Soybeans down 14¢. Tuesday, August 6, 2024

December corn has been on both sides of unchanged this morning and is currently is down less than a penny.

November soybeans are down 14¢.

September wheat contracts were in the red earlier in the morning but are currently moving higher. CBOT wheat is up 4¾¢. KC wheat is up 2¼¢. Minneapolis wheat is up 2½¢.

“Grain and soybean futures are lower across the board at the end of early trading with soybean futures leading the way under pressure from Monday afternoon’s stronger-than-expected weekly crop rating from USDA,” said The Brock Report at the end of the overnight trade.

Yesterday USDA released the weekly Crop Progress report and the agency’s rating for the soybean crop in the top 18 soybean-growing states went up week-over-week.

The Brock Report continued: “Cooler Midwest weather and rains across the upper Midwest have also weighed on corn and soybean futures amid an absence of fresh demand news. Wheat futures have been pressured by the ongoing U.S. harvest and a better-than-expected spring wheat crop rating. A stronger dollar has been a negative factor across all markets including cotton futures, which are moderately lower despite a drop in the U.S. crop rating.”

October live cattle are up 28¢ this morning. September feeder cattle are up $1.18. October lean hogs are down 85¢.

September crude oil is up 59¢.

The U.S. Dollar Index September contract is up to 102.73.

September S&P 500 futures are up 50 points. September Dow futures are up 312 points.

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