Posted at 11:18 a.m. – December corn down 5 1/2 cents per bushel, November soybeans down 22 1/4 cents, December KC wheat down 11 3/4 cents, Chicago wheat December is down 20 cents and December Minneapolis wheat is down 23 1/4 cents. The Dow Jones Industrial Average fell 61.01 points and crude oil fell $0.37 a barrel in November. The US Dollar Index is down 0.160 and gold is down $8.60 an ounce in December. The USDA estimated corn stocks at 1.361 billion bushels as of Sept. 1, down 1% from a year ago and slightly below expectations. Soybean stocks are estimated at 268 million bushels, down 2% from a year ago but above the average of pre-report estimates. Wheat stocks were estimated at 1.78 bb, slightly above expectations. Wheat production is estimated at 1,812 bb, up 10% from 2022 and above the pre-report average estimate. The reports are considered bullish for corn, bearish for soybeans and neutral to bearish for wheat.
Posted at 10:32 a.m. – Just before Friday’s USDA reports, December corn is down 2 3/4 cents per bushel, November soybeans are down 7 3/4 cents, December KC wheat is down 7 3/4 cents down 5 1/4 cents, December Chicago wheat down 4 3/4 cents and December Minneapolis wheat down 4 3/4 cents. The Dow Jones Industrial Average rose 32.51 points and crude oil fell $0.59 a barrel in November. The US Dollar Index is down 0.150 and gold is down $7.30 an ounce in December. Wheat prices have reversed course and followed row crops’ lead, with both KC wheat and MGEX spring wheat hitting new lows in month-end trading.
Posted at 8:35 a.m. – December corn is down 1 cent per bushel, November soybeans are down 2 3/4 cents per bushel. In December, KC wheat rose 4 1/2 cents per bushel, in December, Chicago wheat rose 5 1/4 cents per bushel, and in December, Minneapolis wheat rose 3 1/2 cents. The Dow Jones Industrial Average rose 149.53 points to 33,815.87 and the US dollar index fell 0.290 to 105.93 and crude oil rose $0.09 a barrel to $91.80 in November. The USDA reported new corn sales to Mexico for 2023-24: 223,540 tons, or 8.8 million bushels, were sold. Corn and soybeans are trading almost flat ahead of the USDA stocks and small grains report. Wheat is just a few cents higher in quiet, short-covering trading.
Posted at 11:21 a.m. — December live cattle are down $1.83 to $188.6, November feeder cattle are down $2.10 to $255,575, December lean pork is down $3.75 to 71,775 $ down, corn down 8 1/2 cents per bushel in December and soybean meal down $8.90 in December. The Dow Jones Industrial Average is down 53.50 points. There have been no renewed bids in the cash cattle market and at this point the week’s business appears to be essentially complete. Weak technical tones cause all three livestock markets to decline midday Friday.
Posted 8:33 a.m. — December live cattle are down $0.68 to $189.75, November feeder cattle are down $0.85 to $256,825, December lean pork is down $2.48 to 73, Down $05, corn down 3/4 cent per bushel in December and soybean meal down $3.50 in December. The Dow Jones Industrial Average is up 186.53 points. Cattle contracts are trading lower again as the momentum that appeared to support contracts through Thursday fails to carry over into Friday’s start. There are currently no bids in the cash cattle market and at this point it looks like trading in the market is essentially complete for this week.
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