Soybeans close down 31¢ | Friday, July 26, 2024

November soybeans closed down 31¢ Friday.

“The 20-day moving average has been strong resistance for November soybeans consistently since Tuesday,” says the Grain Market Insider newsletter by Stewart-Peterson Inc. “Today prices finally broke to the downside after failing again at the 20-day.” 

December corn ended the day down 10¾¢.

“The corn market came under pressure heading into the weekend as sellers focused on technical weakness, an improved weather outlook, and long-range demand concerns,” Grain Market Insider said. However, the newsletter noted that even in the face of heavy selling today, the December corn contract managed to end the week higher.

All three September wheat contracts closed lower. CBOT wheat was down 14¼¢. KC wheat was down 16¢. Minneapolis wheat was down 15¼¢.

“The grain complex took a hit today,” Grain Market Insider acknowledged, “and wheat was no exception, as all three wheat categories closed with double-digit losses, mirroring declines in corn and soybeans.

“It appears the rally earlier in the week has lost momentum, and the wheat market, in particular, is facing pressure due to expectations of the largest U.S. crop in eight years, which doesn’t favor significant price recovery.”

October live cattle closed down 5¢. August feeder cattle were up $1.08. October lean hogs were up 40¢.

September crude oil is currently down $1.58.

September S&P 500 futures and September Dow futures are currently up 59 points and 670 points, respectively.

Published: 3:52 p.m. CT

Soybeans down 15¢: 8:57 a.m. CT

December corn is down 5¾¢ this morning.

November soybeans are down 15¾¢.

All three September wheat contracts are also in the red. CBOT wheat is down 8¢. KC wheat is down 9¢. Minneapolis wheat is down 2¾¢.

“August is just around the corner, and that means that the commodity markets intensify their focus on the size of this year’s corn and soybean crops,” says Arlan Suderman, chief commodities economist for StoneX. The company releases the results of its first customer survey-based yield estimates on Aug. 1. Suderman says it is the first of many private estimates based on surveys and field tours in August.

The USDA projects new-crop corn ending stocks at just shy of 2.1 billion bushels, Suderman says, with 2024/2025 soybean ending stocks at 435 million bushels. “Will the heat of the coming days, combined with areas of dryness, be enough to draw those stock levels down to levels that would justify rationing demand with higher prices?” he questions. “That will be the debate taking place in the markets over the next 30 days.”

Suderman says USDA’s Aug. 12 World Agricultural Supply and Demand Estimates (WASDE) crop report includes production estimates based on satellite data and farmer surveys. “So we should see a change in yield,” he says, adding that survey data for that report will be collected over the next 10 to 11 days. “Stress increases in the western belt during that time,” he reminds, “while conditions should be more favorable for the eastern belt.”

October live cattle are down 28¢ this morning. August feeder cattle are up 43¢. October lean hogs are up 25¢.

September crude oil is down 78¢.

The U.S. Dollar Index September contract is down to 104.02.

September S&P 500 futures are up 43 points. September Dow futures are up 420 points.

Published: 8:57 a.m. CT