Soybeans end the day up 32¢ | Monday, July 22, 2024

December corn closed up 10¼¢.

November soybeans closed up 32¾¢.

September wheat contracts also closed higher. CBOT wheat is up 5¼¢. KC wheat is up 1¾¢. Minneapolis wheat is up 13¢.

“Futures trade started out the week with solid gains led by the soy complex,” says Karl Setzer, partner at Consus Ag Consulting. “News that President Biden is exiting the election race was a primary cause of this. President Biden has been trailing former President Trump in polls and this generated worries that if Trump would be re-elected, we may see additional import tariffs placed on trade partners, especially on China. Given the change in the political outlook, these fears eased today.

“Better than expected economic data out of China also supported the market as it created hopes of additional commodity demand. Increased reports of uneven crops across the U.S., mainly in regions with saturated soils, also gave futures support.

“Advances were capped by the lack of major crop stress in the U.S., although long-range models are starting to add heat, right at ear and pod filling time frames. Larger crop estimates out of South America also weighed on trade today as did a slight increase in country movement.”

October live cattle, August feeder cattle, and October lean hogs all ended the day in the green. Live cattle were up $1.13, feeder cattle were up 80¢, and hogs rose $1.43.

September crude oil is currently down 32¢.

The U.S. Dollar Index September contract is currently down to 104.06.

September S&P 500 futures were up 54 points. Dow futures were up 136 points.

Published: 2:43 p.m. CT

Soybeans up 24¢: 9:37 a.m. CT

December corn is up 6¼¢ this morning.

November soybeans are up 24½¢.

September wheat contracts are also up. CBOT wheat is up 3¢. KC wheat is up 1½¢. Minneapolis wheat is up 11¢.

This morning the USDA announced Mexico is buying 133,000 metric tons of corn for the 2024–2025 marketing year.

“Corn and soybean futures moved strongly higher in early trading after jumping on Sunday night’s open,” says The Brock Report, referring to trade prior to the 8:30 a.m. open. “Market talk of Chinese interest in U.S. soybeans and corn and drier Midwest weather forecasts may be providing fundamental support for prices. The strength also may be coming at least partly from short covering driven by U.S. political uncertainty after President Biden on Sunday dropped his bid for reelection, although that does not appear to be having much impact on other markets.”

Later today the USDA is expected to release the weekly Crop Progress report. Al Kluis, managing director of Kluis Commodity Advisors, says U.S. corn and soybean crop ratings are likely to rise this week. “Some private projections are now for a national corn yield of 184 bushels per acre [bpa], and soybeans at 53 to 54 bpa,” he says.

October live cattle, August feeder cattle, and October lean hogs are all in the green this morning, up $1.50, $2.05, and 80¢, respectively.

September crude oil is down 41¢.

September S&P 500 futures and Dow futures each are up 35 points.

Published: 9:37 a.m. CT