Soybeans up 11¢. Monday, August 19, 2024

December corn is up 4¼¢ this morning.

November soybeans are up 11¢.

December wheat contracts are mixed. CBOT wheat is up less than a penny. KC wheat is up 4½¢. Minneapolis wheat is down 1¼¢.

“The annual Pro Farmer Midwest Crop Tour started early this morning, and it will continue over the next several days as dozens of cars spread out on predetermined routes across the Midwest,” says Arlan Suderman, chief commodities economist at StoneX. “Each car will follow a set procedure to randomly select corn and soybean fields to sample. Tour participants will both subjectively and objectively assess the fields selected, taking samples in the process.

“…The tour takes place within a backdrop of high expectations – record crops. August weather for the most part is quite favorable for crop development. There are some dry areas, but the mild temperatures decrease the moisture needs of the crop while slowing the maturation process. A crop that matures slower tends to have larger seed size – therefore higher yields. But all of that is already priced into the market. The question will be, will this week’s tour indicate that this year’s yields might be even larger than expected, or will they suggest that perhaps we’ve over-estimated their potential?”

This morning, USDA announced new soybean export sales:

• China is buying 332,000 metric tons for the 2024/2025 marketing year
• Unknown destinations are buying 110,000 metric tons for the 2024/2025 marketing year.

 October live cattle are up 50¢. September feeder cattle are up 48¢. October lean hogs are up 25¢.

September crude oil is down 53¢.

The U.S. Dollar Index September contract is down to 101.85.

September S&P 500 futures are up 14 points. September Dow futures are up 147 points.

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