September 19, 2024   

Morning Comments:

Good morning. Corn, soybeans, and wheat are in the red this morning as pressure from the expanding corn and soybean harvests pushed prices lower. Forecasts calling for rain chances this weekend will benefit winter wheat which was 14% planted as of last Sunday according to NASS. Crude oil has surged back above the $70 mark, at least for the nearby contracts. November crude is 81 cents higher at $70.69. Gasoline futures are 2 to 2 ½ cents stronger with the November RBOB contract near $2.01. The Dollar Index is 0.103 firmer at 100.385. Rain will move through much of the Midwest the next few days with most of the rainfall expected Sunday into Monday. Some areas are forecast to pick up more than an inch but amounts for most of the corn belt will be less than an inch. Rain won’t be a benefit to most corn and soybean acres, but it could add yield to late planted crops, particularly double-cropped soybeans. Northern Brazil weather hasn’t changed – any significant rains aren’t expected there until early October. Export sales, listed below, were disappointing for wheat and corn sales were in the lower end of the range of expectations. Soybean sales were in the upper end of expectations. Equity futures are indicating a higher stock market opening as futures are currently 500 points stronger. Ag markets may get some spillover support if the stock market can post big gains today, but we have record corn and soybean harvests looming. Expect a choppy trade today. It looks like we will see corn and soybeans trade either side of yesterday’s closes as the session wears on. Have a good Thursday.