US grains are on the rise on Friday, August 2, 2024

Published Aug 5, 2024

Tridge summary

December corn, November soybeans, September wheat contracts seeing price increases, with soybeans for the 2024/2025 marketing year experiencing a significant rise due to repeated sales to China. Despite this, corn and soybeans were mixed with wheat, as heat and rainfall forecasts, short covering, and a weaker U.S. dollar provide support. Conversely, crude oil prices remain volatile, influenced by geopolitical tensions and economic indicators, while live cattle, feeder cattle, and lean hogs futures have seen declines alongside falling stock market futures.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

December corn is up 4¼¢ this morning. November soybeans are up 13¢. For the second day in a row, USDA announced a soybean sale to China. Today’s announcement is for 202,000 metric tons of soybeans for the 2024/2025 marketing year. September wheat contracts are also in the green. CBOT wheat is up 4¼¢. KC wheat is up 4¢. Minneapolis wheat is up 9½¢. “Grain futures were mixed on Thursday,” says Bob Linneman, commodities broker with Kluis Commodity Advisors. “Corn and soybeans were lower while wheat was higher. As we head into the weekend, traders will be watching the weather forecast for any changes to heat and rainfall. Grain prices have fallen further than most traders anticipated, which could be a sign that we have found a low.” Near the end of the overnight session, The Brock Report said short covering and a lower U.S. dollar were providing support to grains and oilseeds. The U.S. Dollar Index September contract is down to 103.02. September crude oil is down $2.52. “Crude oil ...

Source: UkrAgroConsult