Corn Ends Day Slightly Higher

December corn ended the day up less than a penny at $4.12¼ per bushel.

November soybeans closed down 10¾¢ at $10.47¾ per bushel. 

December CBOT wheat ended the day up 2½¢ at $5.29¾ per bushel. December KC wheat closed down less than a penny at $5.20¾ per bushel. December Minneapolis wheat was up 2½¢ at $5.92½.

“Corn futures closed slightly higher Monday, supported by strength in wheat, expectations for tighter supplies, and a firm demand tone,” said the Grain Market Insider newsletter by Stewart-Peterson Inc.

The newsletter said soybeans were hampered by concerns about a delayed trade deal with China.

“Comments from China over the weekend highlighted ‘rampant’ U.S. protectionism threatening agricultural ties, fueling concern that a trade agreement may not materialize,” said the newsletter.

October livestock ended the day mixed, with live cattle and feeder cattle down $1.05 and $1.75, respectively, and lean hogs up 20¢.

Ahead of 3:30 p.m. CT, October crude oil was up $1.05 at $64.71 per barrel.

The S&P 500 Index was down 27.59 points, and the Dow Jones Industrial Average was down 349.27 points. 

Published: 3:46 p.m. CT

Corn Up Nearly 4¢: 9:48 a.m. CT

Ahead of 9:30 a.m. CT, December corn was up 3¾¢ at $4.15¼ per bushel.

November soybeans were down 3¢ at $10.55½ per bushel.

December CBOT wheat was up 5¢ at $5.32¼ per bushel. December KC wheat was up 2¾¢ at $5.23¾ per bushel. December Minneapolis wheat was up less than a penny at $5.90¾.

“[The Pro Farmer Crop Tour] pegged the U.S. corn crop at 182.7 bushels per acre (bpa), while pegging the soybean crop at 53 bpa,” said Arlan Suderman, chief commodities economist at StoneX. “That kept its subscribers happy, since the corn yield was notably below USDA’s 188.8 bpa estimate. Keep in mind, USDA’s number reflected yield potential on Aug. 1, while the Pro Farmer number reflected yield potential three weeks later after dryness and disease had started robbing the crop’s yield potential. Those two factors are difficult to quantify until the combine rolls, although USDA’s extensive field sampling next week should give us a glimpse into the impact. Some of those on the tour believe that the impact will be extensive, while others believe it will be rather minor. The truth is, it is difficult to quantify until the crop is mature. But the bottom line is that the historical tendency for big crops to get smaller looks to be playing out, although to what extent, we do not yet know. Regardless, it suggests that the corn market has priced in the size of the crop, and it can now focus on demand.”

Ahead of 9:30 a.m. CT, October livestock were mixed. Live cattle were down $1.50 at $236.38 per hundredweight (cwt). Feeder cattle were down $3.88 at $358.63 per cwt. Lean hogs were up 18¢ at $91.38 per cwt.

October crude oil was up 91¢ at $64.57 per barrel.

The U.S. Dollar Index September contract was up to 97.79.

The S&P 500 Index was down 10.96 points, and the Dow Jones Industrial Average was down 181.68 points. 

Published: 9:48 a.m. CT