Soybeans up 5¢ ahead of WASDE. Thursday, October 12, 2023

December corn is starting out the day down 1¾¢.

November soybeans are up 5¼¢.

CBOT wheat is down 2¾¢. KC wheat is down 6½¢. Minneapolis wheat is down 4¼¢.

“Low prices on the grain charts are starting to trigger more export business,” says Bob Linneman, commodities broker with Kluis Commodity Advisors. “This is a good sign that a low is likely near for the grains. We need to see the market move higher on bearish news to help confirm a low is in place.”

This morning USDA announced corn and soybean export sales. Guatemala is buying 124,545 metric tons of corn for the 2023/2024 marketing year, and 295,000 metric tons of soybeans are to be delivered to unknown destinations during the 2023/2024 marketing year.

Today at 11 a.m. CDT the October World Agricultural Supply and Demand Estimates (WASDE) report is expected to be released.

“Today’s USDA WASDE crop report will set the tone for the grain and oilseed markets for much of the remainder of the calendar year,” says Arlan Suderman, chief commodities economist for StoneX. “The corn and soybean yield estimates will be particularly watched. This is a case where matching the pre-report trade estimates might be considered bearish if the trade sees the South American crop on pace for good yields. But any potential changes in U.S. export targets will also set the tone, with the line-up of corn and soybean cargoes for loading remaining disappointing, especially at Gulf ports due to low water levels on the Panama Canal. USDA may choose to wait until November to make those changes, but they’re likely coming.”

Crude oil is up $1.48.

S&P 500 futures are down 8 points. Dow futures are down 31 points.

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