Soybeans up 24¢. Monday, July 22, 2024

December corn is up 6¼¢ this morning.

November soybeans are up 24½¢.

September wheat contracts are also up. CBOT wheat is up 3¢. KC wheat is up 1½¢. Minneapolis wheat is up 11¢.

This morning USDA announced Mexico is buying 133,000 metric tons of corn for the 2024/2025 marketing year.

“Corn and soybean futures moved strongly higher in early trading after jumping on Sunday night’s open,” says The Brock Report, referring to trade prior to the 8:30 a.m. open. “Market talk of Chinese interest in U.S. soybeans and corn and drier Midwest weather forecasts may be providing fundamental support for prices. The strength also may be coming at least partly from short covering driven by U.S. political uncertainty after President Biden on Sunday dropped his bid for reelection, although that does not appear to be having much impact on other markets.”

Later today USDA is expected to release the weekly Crop Progress report. Al Kluis, managing director of Kluis Commodity Advisors, says “U.S. corn and soybean crop ratings are likely to rise this week. Some private projections are now for a national corn yield of 184 bushels per acre and soybeans at 53 to 54 bushels per acre.”

October live cattle, August feeder cattle, and October lean hogs are all in the green this morning, up $1.50, $2.05, and 80¢ respectively.

September crude oil is down 41¢.

September S&P 500 futures and Dow futures are both up 35 points.

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