Ag Markets Get the Green Light

Co-Found & Vice President of Blue Line Futures and Blue Line Ag Hedge was on RFD-TV this morning sharing his thoughts on today’s price action in grain and livestock markets.

It was green across the screen in Ag markets today, with grain and livestock markets uniformly higher.

Corn

September corn futures settled 9 ¼ cents higher to 400 ¼.  August options (trade off September futures) expiration is on Friday, so it’ll be interesting if that psychologically significant $4.00 level becomes the magnet this week.   The new crop December contract settled 10 ¼ cents higher to 415, this is near the upper end of our resistance pocket from 413-416 and the highest close since July 5th.   

There was a flash sale reported this morning.  Private exporters reported sales of 133,000 metric tons (5,235,977 bushels) of corn for delivery to Mexico during the 2024/2025 marketing year. This is the first flash sale of corn since July 8th, which was for 134,636 MT for delivery to Unknown Destinations.

Weekly export inspections were reported at 970,539 metric tons (38,208,421 bushels). This was within the range of estimates.

Corn Conditions: 67% Good/Excellent. Down 1% from last week. Expectations were for conditions to be near unchanged.

Soybeans

Soybeans led the way higher in grains today with the most actively traded November contract settling 32 ¾ cents higher to 1068 ¾, the highest close since July 9th and above our 3-star resistance pocket from 1061 ½-1062 ¾.  That resistance pocket will now become our pivot pocket that the Bulls will want to defend.

Good weekly exports followed up by a good-sized flash sale has reignited some optimism around China showing back up for U.S. soybeans.  With today’s price action, we wouldn’t be surprised to see more flash sales on the news wires this week.  This morning’s weekly export inspections were reported at 327,061 metric tons (12,017,431 bushels). This was within the range of estimates.

Soybeans Conditions: 68% Good/Excellent. Unchanged from last week, in line with expectations.

Wheat

September Chicago wheat was 5 ¼ cents higher on the day to settle at 593 ¾.  Spring wheat was the big winner in the wheat today with the September contract settling 13 cents higher to 622 ¾.  September KC wheat settled 1 ¾ cents higher to 571 ¾.  Weekly export inspections came in at 237,965 metric tons (8,743,714 bushels). This was below the low end of estimates.

Cattle & Hogs

Cattle futures were higher across the board today thanks to a friendly Cattle on Feed report on Friday as well as some strength in the outside markets.  October live cattle which are the most actively traded contract settled 1.125 higher to 184.60.  August feeders were 80 cents higher at 256.40.  On the snout side, the most actively traded October contract settled 1.42 higher to 75.97.

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