Posted at 11:23am – Following July WASDE release, December corn is down 17 1/4 cents a bushel, November soybeans are down 31 1/2 cents, September KC wheat is up Down 18 1/2 cents, September Chicago wheat is down 24 cents and September Minneapolis wheat is down 14 3/4 cents. The Dow Jones Industrial Average is up 123.49 points and crude oil is up $0.77 a barrel in August. The US Dollar Index is down 1,150 and Gold is up $24.50 an ounce in August. Wednesday’s WASDE report included a 4 bushel per acre cut in projected US corn yield to 177.5 bpa, while the pre-report estimates had expected a deeper cut. Estimated corn production of 15.320 billion bushels results in bumper crop. Soybean yield remained at a record 52 bpa, also ahead of expectations. US corn, wheat and soybean ending inventories for 2023-24 were estimated at higher-than-expected levels. Global corn and soybean inventories also came in slightly above expectations, while global wheat inventories came in lower this month on production cuts in Argentina, Canada and the European Union.
Posted at 10:32 – Just ahead of July WASDE release, December corn is down 4 cents a bushel, November soybeans are up 13 1/2 cents, September KC wheat is 4 1/4 cents up, September Chicago wheat is down 7 cents 1/4 cents and September Minneapolis wheat is up 2 1/2 cents. The Dow Jones Industrial Average is up 248.87 points and crude oil is up $0.87 a barrel in August. The US dollar index is down 1.130 and gold is up $23.40 an ounce in August. US consumer prices rose 3% yoy in June, the smallest annual increase in over two years, leading to a new low in 2023 for the US dollar index and a supportive feature for commodities. The Energy Information Administration expects US daily ethanol production to fall by 28,000 bpd to 1.032 million bpd in the week ended July 7. This is the first weekly decline in a month while also falling below the range of pre-report estimates. Also, ethanol inventories rose 398,000 barrels to 22.658 million barrels, near the high end of pre-report estimates, while down 4.2% year-on-year.
Posted at 8:34 am – December Corn is up 1 3/4 cents a bushel, November Soybeans are up 16 cents, September KC Wheat is up 7 1/4 cents, September Chicago Wheat is up down 2 3/4 cents and September Minneapolis wheat is up 4 1/4 cents. The Dow Jones Industrial Average is up 236.74 points and crude oil is up $1.02 a barrel in August. The US dollar index is down 0.770 and gold is up $20.80 an ounce in August. The USDA announced new sales of 105,000 tons of soybean cake and meal to undisclosed destinations for 2023-24. Soybeans and soy products continue to trade higher ahead of July’s WASDE report, which is expected to show falling US soybean inventories. The wheat is mixed and calm at the beginning.
Posted at 11:47 am – In August live cattle are up $0.28 to $179.1, in August forage cattle are up $2.18 to $249.325, in August lean hogs are up $0.48 to 97, Down $1, in December corn is down 16 1/4 cents a bushel and in December soybean meal is down $5.70. The Dow Jones Industrial Average is up 145.13 points. Cattle contracts continue to trade higher into Wednesday noon as corn prices fall. Meanwhile, the lean hog complex is less pronounced in the afternoon of the day as traders continue to sift through the morning’s WASDE report, trying to understand how it will affect prices and demand in the coming months.
Posted 08:34 – In August live cattle are up $0.03 to $178.85, in August forage cattle are down $0.23 to $246.925, in August lean hogs are up $1.15 to $98.725, December corn was up 1 3/4 cents a bushel and December soybean meal was up $2.90. The Dow Jones Industrial Average is up 236.14 points. Livestock is trading higher early Wednesday, although corn prices are too slightly higher by $0.01-0.02. The focus of the livestock market on Wednesday morning will be the morning’s WASDE report and the included demand and price outlook for the second half of the year.
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