Corn, soy, & wheat end the day in the green | Wednesday, September 4, 2024
Corn, soybeans, and wheat prices rose, with December corn up 3½¢, November soybeans up 9½¢, and December wheat seeing increases (CBOT up 14¢, KC up 16¾¢, Minneapolis up 16¼¢). Short covering and weather concerns in South America and the U.S. supported prices. Livestock futures were mixed, and crude oil fell by $1.47.
December corn closed up 3½¢ today
November soybeans closed up 9½¢.
December wheat contracts also closed in the green. CBOT wheat was up 14¢. KC wheat was up 16¾¢. Minneapolis wheat was up 16¼¢.
“After a two-sided start, corn, soybeans, and wheat all traded higher for much of today’s session,” says Karl Setzer, partner at Consus Ag Consulting. “Ongoing short covering was the primary cause of this strength, but added weather premium ahead of the South American planting season was beneficial as well.
“Not only are soils drying in South America, but in the U.S. to finish the growing season too. The soybean crop rating declined last week, and while condition does tend to decline as the growing season ends, some areas of the United States claim the crop is shutting down rather than maturing. Not only would this impact yield but crop quality as well.
“We did not see any flash [export] sales this morning, but trade believes some recent sales are too small to be reportable. Solid domestic demand numbers were supportive today as was a sharp decline in the U.S. dollar.”
Yesterday the USDA Crop Progress report showed the good/excellent condition rating for the soybean crop in the top-growing states declined for the second consecutive week.
October live cattle, feeder cattle, and lean hogs all closed lower today.
October crude oil is currently down $1.47.
September S&P 500 futures are currently down 16 points. September Dow futures are up 6 points.
Corn, soy, & wheat moving higher this morning: 9:35 a.m. CT
December corn is up 1¼¢ this morning.
November soybeans are up 3¾¢.
December wheat contracts are also higher. CBOT wheat is up 2½¢. KC wheat is up 5¼¢. Minneapolis wheat is up 3¼¢.
USDA a correction to the export sale announcement they made yesterday morning. China bought 131,000 metric tons of soybeans for the 2024/2025 marketing year, not 132,000.
October livestock contracts are mixed this morning. Live cattle are up 25¢. Feeder cattle are down $1.10. Lean hogs are up 33¢.
October crude oil is down 76¢.
The U.S. Dollar Index September contract is down to 101.28.
September S&P 500 futures are down 1 point. September Dow futures are up 112 points.
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Source Link : https://www.agriculture.com/corn-soy-and-wheat-moving-higher-this-morning-or-wednesday-september-4-2024-8706159
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