Corn ends the day up nearly 9¢ | Monday, August 28, 2023

December corn close up 8¾¢.

November soybeans are up 18¼¢.

CBOT wheat is down 4¾¢. KC wheat is down 16¢. Minneapolis wheat is down 10½¢.

Al Kluis, managing director for Kluis Commodity Advisors, said at midday that the market was paying attention to weather, exports news, and crop conditions.

"Considering how hot and dry it's been, how dry it's going to be looking at next weekend, I'm really surprised we're not getting more of a market reaction to that," he says.

He reiterated that he expects a downgrade in crop conditions in today's Crop Progress report.

October livestock closed in the green. Live cattle are up 35¢. Lean hogs are up $1.93. Feeder cattle are up $2.90.

Crude oil is up 28¢.

S&P 500 futures are up 17 points. Dow futures are up 140 points.

Published: 1:52 p.m. CDT

Corn up 7¢ at midday: 11:59 a.m. CDT

At midday December corn is up 7¼¢.

November soybeans are up 11¾¢.

CBOT wheat is down 6¾¢. KC wheat is down 16½¢. Minneapolis wheat is down 10¾¢.

October livestock are in the green. Live cattle are up 68¢ Lean hogs are up $1.58. Feeder cattle are up $1.98.

Crude oil is up 10¢.

The U.S. Dollar Index September contract is down to 103.98.

S&P 500 futures are up 19 points. Dow futures are up 174 points.

Published: 11:59 a.m. CDT

Soybeans up 15¢: 9:38 a.m. CDT

December corn is currently up 5¢.

November soybeans are up 15¼¢.

CBOT wheat is down 7¼¢. KC wheat is down 13¼¢. Minneapolis wheat is down 7¼¢.

USDA announced the sale this morning of 123,000 metric tons of corn to Mexico and 296,000 metric tons of soybeans to unknown destinations. Both are to be delivered during the 2023/2024 marketing year.

The yield estimates to come out of the Pro Farmer crop tour last week were 172 bushels per acre for corn and 49.7 bushels per acre for soybeans. This is slightly below USDA's August estimates of 175.1 for corn and 50.9 for soybeans.

"The market saw those as reasonable estimates that may still slip lower in the current weather pattern," says Arlan Suderman, chief commodities economist for StoneX.

Today the USDA Crop Progress report is expected at 3 p.m. CDT. Kluis says he expects to see at 2% to 4% decline in corn and soybean crop condition.

"I will be watching the extended weather forecasts, which show normal seasonal temps this week with very limited rain," he says. "The 11-to-15 day forecast brings back heat into early September. If that happens, then it will keep pressure on crop ratings and take soybean yield projections lower again."

October live cattle are down 5¢. Lean hogs are up 75¢. Feeder cattle are up 80¢.

Crude oil is up 54¢.

S&P 500 futures are up 32 points. Dow futures are up 270 points.

Published: 9:38 a.m. CDT