Soybeans up 5¢. Friday, October 13, 2023

December corn is currently up 2½¢.

November soybeans are up 5¢.

CBOT wheat is up 12¢. KC wheat is up 10¢. Minneapolis wheat is up 11¼¢.

This morning USDA released the weekly Export Sales report. Corn, soybeans, and wheat export sales made between Sept. 29 and Oct. 5 for 2023/2024 all exceeded expectations:

• Corn:  Net sales of 910,400 metric tons
• Soybeans: Net sales of 1,056,800 metric tons
• Wheat: Net sales of 652,000 metric tons.

USDA also announced new export sales this morning to China and unknown destinations:

• 181,000 metric tons of soft red winter wheat are to be delivered to China during the 2023/2024 marketing year
• 117,300 metric tons of soybeans are for unknown destinations during the 2023/2024 marketing year
• 100,000 metric tons of soybean cake and meal are to be delivered to unknown destinations during the 2023/2024 marketing year.

“It is significant that China bought wheat,” says Naomi Blohm, senior market advisor for Total Farm Marketing. “This suggests that their wheat (and likely corn crops) did suffer this summer as we speculated. This also says they want to secure food in case the war(s) continue to escalate.”

Crude oil is up $3.19.

S&P 500 futures are up 18 points. Dow futures are up 261 points.

Outside of the U.S., milling wheat is up on the MATIF trade. Corn and No. 2 soybeans are flat on the Dalian exchange. No. 1 soybeans are down.

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