Soybeans close down 6¢ | Thursday, August 1, 2024

December corn ended the day down 1¼¢.

November soybeans closed down 6¢.

September wheat contracts closed up. CBOT wheat was up 4¾¢ at the close. KC wheat was up 5½¢. Minneapolis wheat was up 7¢.

This morning USDA released the weekly Export Sales report. According to commentary from the Grain Market Insider newsletter by Stewart-Peterson Inc., the report had some impact on price movement today.

"Much lower than expected export sales pressured the corn market early in the session," Grain Market Insider says. "Both September and December corn futures printed fresh contract lows before rallying back with carryover support from the wheat market. Concerns remain in the market that a slowing export pace could lead the USDA to lower its projections."

For soybeans the newsletter says, "Despite decent old-crop export sales, November soybeans closed at their lowest level in 3½ years. This decline was driven by a favorable two-week forecast, weakness in soybean oil (which closed down 2%), and ongoing concerns about the slow pace of new-crop exports."

Concerning the gains made in the wheat market today, the newsletter says, "The rally was likely fueled by concerns over dryness potentially threatening the spring wheat crop and traders covering short positions in response to oversold conditions in the wheat complex."

October live cattle and September feeder cattle settled in the red today, down $2.95 and $5.30, respectively. October lean hogs closed up $1.10.

September crude oil is currently down $1.05.

September S&P 500 futures are currently down 97 points. September Dow futures are down 695 points.

Published: 3:53 p.m. CT

Soybeans down 6¢: 10:20 a.m. CT

December corn is down 1¾¢ this morning.

November soybeans are down 6½¢.

September wheat contracts are mixed. CBOT wheat is down a penny. KC wheat is up less than a penny. Minneapolis wheat is up 2¼¢.

Earlier this morning, USDA announced China is buying 132,000 metric tons of soybeans for the 2024/2025 marketing year.

USDA also released the weekly Export Sales report this morning. The Brock Report offers this analysis of this week’s report:

“Net U.S. soybean export sales for the week ended July 25 came in at 37 million bushels, including 13.8 million for 2023/2024 delivery, in line with trade expectations that ran 14.5-44 million bushels and up slightly from the previous week’s sales of 33.8 million bushels, of which only 3.3 million bushels were for 2023/2024 delivery. Soybean export sales for 2023/2024 to date were 13.7% below a year earlier. Weekly soybean export shipments rose to 20.8 million bushels from the previous week’s 13.5 million.

“Net weekly U.S. corn export sales came in at 34.6 million bushels, including just 6.6 million for 2023/2024 delivery, compared with trade expectations that ran 23.5-51 million bushels and the previous week’s 42.3 million bushels, of which 13 million were for 2023/2024 delivery. Corn export sales for 2023/2024 to date were 37.5% ahead of a year earlier. Weekly corn export shipments came in at 40.7 million bushels, down from the previous week’s 47.6 million.

“Net weekly U.S. wheat export sales came in at 10.5 million bushels toward the low end of trade expectations that ran 7.5-22 million bushels and down from the previous week’s sales of 11.4 million bushels. Export sales for 2024/2025 to date were still 42.3% above a year earlier. Weekly U.S. wheat export shipments rose to 16.7 million bushels from the previous week’s 10 million.”

Yesterday the Federal Reserve’s Federal Open Market Committee wrapped up its July meeting.

“The Federal Reserve performed as expected yesterday – nothing more and nothing less,” says Arlan Suderman, chief commodities economist for StoneX. "The Fed made no changes to current policy, but it carefully changed the wording of its statement, and comments made during the following press conference, to leave the door open for a rate cut at the September meeting.”

October live cattle are currently down $2.10. September feeder cattle are down $4.35. October lean hogs are up 40¢.

September crude oil is down 61¢.

The U.S. Dollar Index September contract is up to 104.12.

September S&P 500 futures are down 42 points. September Dow futures are down 452 points. 

Published: 10:20 a.m. CT