Soybeans Close Down Nearly 16¢

December corn ended the day unchanged at $3.97¼ per bushel.

November soybeans closed down 15¾¢ at $10.28½ per bushel. 

December CBOT wheat ended the day down 3¾¢ at $5.24½ per bushel. December KC wheat closed down 2¢ at $5.26 per bushel. December Minneapolis wheat was down 4¢ at $5.92.

“Soybeans are starting to lose their support from Tuesday’s surprise cut to ending stocks in the WASDE [World Agricultural Supply and Demand Estimates] report,” said Karl Setzer, partner at Consus Ag Consulting. “A bearish [weekly U.S. Export Sales] report weighed on soybeans as well. Heavy cancellations were seen in both corn and soybeans this week as importers are starting to roll unshipped contracts to new-crop delivery. This was partially offset in the corn complex by a return of flash sales. This morning it was announced Spain had booked 132,000 metric tons of U.S. corn and South Korea purchased 136,000 metric tons. Fresh news was limited today and this weighed on all contracts as did a general lack of market interest. Trade is now awaiting actual harvest data prior to establishing new positions. Cash markets were also rather lethargic today with interior basis values mixed.”

October live cattle closed down $2.60 at $226.83 per hundredweight (cwt). September feeder cattle were down $5.60 at $341.03 per cwt. October lean hogs were down $1.65 at $89.13 per cwt.

A little after 3 p.m. CT, September crude oil was up $1.38 at $64.03 per barrel.

The S&P 500 Index was up 1.96 points, and the Dow Jones Industrial Average was down 11.01 points. 

Published: 3:24 p.m. CT

Corn Down More Than 3¢: 9:23 a.m. CT

Ahead of 9 a.m. CT, December corn was down 3½¢ at $3.93¾ per bushel.

November soybeans were down 8¼¢ at $10.36 per bushel.

December CBOT wheat was down 3¼¢ at $5.25 per bushel. December KC wheat was down 4¼¢ at $5.23¾ per bushel. December Minneapolis wheat was down less than a penny at $5.95¾. 

This morning, USDA released the weekly U.S. Export Sales report. The Brock Report offered this commentary concerning corn and soybean sales:

“Net U.S. corn export sales for the week ended Aug. 7 came in at 77.1 million bushels, compared with trade expectations that ran 45.5–110 million bushels and the previous week’s sales of 131.2 million. The sales total included net cancellations of 3.5 million bushels for 2024/2025 delivery. The sales data looks neutral to negative for corn prices….

“Net weekly soybean export sales came in at 27.7 million bushels, compared with trade expectations that ran 16.5–59 million bushels and the previous week’s sales of 37.2 million. The sales total included net cancellations of 13.9 million bushels in previous sales for 2024/2025 delivery. The sales data looks negative for soybean prices.”

Ahead of 9 a.m. CT, October live cattle were down 75¢ at $228.68 per hundredweight (cwt). September feeder cattle were down $1.48 at $345.15 per cwt. October lean hogs were down $1.35 at $89.43 per cwt.

September crude oil was up 64¢ at $63.29 per barrel.

The U.S. Dollar Index September contract was up to 97.98.

The S&P 500 Index was down 12.72 points, and the Dow Jones Industrial Average was down 163.47 points. 

Published: 9:23 a.m. CT