Corn closes 9¢ down | Friday, August 11, 2023

December corn closed down 9¢ at $4.87 a bushel.

November soybeans ended the day down 12¢ at $13.06 a bushel.

CBOT wheat is down 11¢. KC wheat is down 12¢. Minneapolis wheat is down 2¢.

October live cattle are down $1.28. October lean hogs are up $1.15. October feeder cattle are down 65¢.

Crude oil is up 29¢.

S&P 500 futures are down 1 point. Dow futures are up 114 points.

Published: 2:15 p.m. CDT

Corn down 5¢ following WASDE: 12:40 p.m. CDT

December corn is currently down 5¢ and November soybeans are down 6¢.

CBOT wheat is down 9¢. KC wheat is down 10¢. Minneapolis wheat is up 3¢.

At 11 a.m. USDA released the August World Agricultural Supply and Demand Estimates (WASDE) report. Analysts say the report was largely as expected. Al Kluis, managing director for Kluis Commodity Advisors, says it didn't take long following the report's release for the trade to shift focus to weather.

Kluis says the trade is looking at a "nonthreatening weather pattern through the end of August," that includes more rain and mild temperatures.

October livestock are mixed. Live cattle are down 55¢. Lean hogs are up $1.18. Feeder cattle are up 85¢.

Crude oil is up 67¢.

The U.S. Dollar Index September contract is at 102.66.

S&P 500 futures are down 6 points. Dow futures are up 86 points.

Published: 12:40 p.m. CDT

Corn down 1¢ ahead of WASDE: 8:52 a.m. CDT

December corn is currently down a penny while November soybeans are up 5¢.

CBOT wheat is down 5¢. KC wheat is down 3¢. Minneapolis wheat is up ¾ of a penny.

The August WASDE report is set to be released at 11 a.m. CDT today.

Arlan Suderman, chief commodities economist for StoneX, says the August report "sets the bar for the current year corn and soybean production expectations based largely on its farmer survey, collaborated with satellite data."

He says all of the major corn-producing states, except for Iowa and Missouri, have satellite readings at or above average.

"As such, it will be interesting to see how USDA weights that with farmer survey returns," Suderman says. "The debate will then switch to how August weather is impacting those totals ahead of the September report, which will include actual field sampling. USDA must address the next year’s weak demand outlook at some point."

October livestock are in the red this morning. Live cattle are down 43¢. Lean hogs are down 23¢. Feeder cattle are down 30¢.

Crude oil is up 15¢.

S&P 500 futures are down 16 points. Dow futures are down 73 points.

Published: 8:52 a.m. CDT