Soybeans up slightly this morning. Tuesday, August 20, 2024

December corn is down a penny this morning.

November soybeans are up less than a penny.

December wheat contracts are higher. CBOT wheat is up 4¢. KC wheat is up 3½¢. Minneapolis wheat is up 1¼¢.

Arlan Suderman, chief commodities economist for StoneX, says the first day of the Pro Farmer Crop Tour “found both good crops and problem areas,” which he says was expected.

“That was especially true on the western leg of the tour, which started in southeast South Dakota, moving into northeastern Nebraska,” he says. “Southeast South Dakota had its wettest June on record, followed by one of its driest Julys on record. This area, along with parts of southwest Minnesota and northern Iowa was ground zero for the June flooding and ponding problems. In reality, it was amazing how good the crops looked after that start, although problem areas still remain, with a great deal of unevenness in crops, as well as blank spots in fields. Corn ear populations were limited in many areas as a result of the June problems.

“…Ohio’s corn yield was pegged at 183.3 bpa [bushels per acre], down from 183.9 bpa last year, but above the three-year average for the tour of 181.1 bpa. USDA has Ohio pegged at 188 bpa. The tour does not estimate soybean yields, but rather posts pod counts…. Ohio pod counts averaged 1,230 pods, down from 1,253 last year, but up from the three-year average of 1,193 pods. For perspective, it should be noted that the tour’s final national yield estimates have come in below USDA’s final yield in nine of the past 12 years, after coming in below USDA’s August estimate in 10 of the past 12 years.”

This morning, USDA announced two new soybean export sales:

• China is buying 132,000 metric tons for the 2024/2025 marketing year
• Mexico is buying 239,492 metric tons for the 2024/2025 marketing year.

October live cattle are down $2.10 this morning. September feeder cattle are down $1.65. October lean hogs are down 43¢.

October crude oil is up 37¢.

The U.S. Dollar Index September contract is down to 101.42.

September S&P 500 futures are down 8 points. September Dow futures are down 37 points.

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