Ag Market Brief by ASNA Edge
AM Market Update 09/24/24
Good morning, Mr. Sterling Smith with your agrisampo. Morning market update and it's quite to a mixed day, really December corn at 4.13 and a quarter currently down a quarter. We've been as high as 4.18 as low as 4.11 and a half. March at 4.32, that's up quarter May at 4.42 and a half is unchanged. November beans 10.46, that's up six and three quarters. We've been as high as 10.58, so we are starting to find a little bit of resistance just north of that 10.50 area. January at 10.63 and three quarters up seven and March at 10.76, that's up six and a quarter. China announced a big stimulus plan overnight and that should be supportive in general, but that will take some time for it to develop, but that could result in some additional grain imports in attempts to lower hog production prices. December soybean oil at 4294 is up 110 while December meal at 3.28.60, that's down 10. December crush at 1.48.75 is up 45 while March at 1.26.25 is up 3.50. December wheat in Chicago at 5.78, down a quarter, that's down four. December, Kansas City at 5.72 and three quarters down four and a half and December Minneapolis at 6.14 and a half, down four and a half. November rice at 15.49 is down five. December cotton 74.11 up 67 while March at 75.11 up 58. There is a significant short position still in place in the cotton and with conditions coming down a little bit that may be sparking a rally, but we do need to see better demand. The consumer confidence numbers came out this morning and they did in fact miss and missed by quite a large margin and that may indicate the closing demand may be getting a little bit softer. December live cattle at 1.84.57 up 75 on November feeders at 2.44.32 up 1.45. December hogs at 74.87 are unchanged. November milk at 2.298, that's up 14. November orange juice at 4.88.45, that's up 13.95. November crude at 71.62 up a dollar 26. Wow. November diesel to 1933 is up three and a quarter cents a gallon and led it to two hundred spot 93 up four and a quarter cents. Have a couple of problems. The situation in the Middle East is escalating. We also have a tropical storm in the Gulf that's expected to land just east of the major energy assets, meaning landing somewhere on the floor to panhandle, but it's still early and if that changes direction that could present some challenges and could push prices higher. Natural gas at 2.83, that is currently down to gold at 26.70 is up $17.50, silver 31.82 up 75 cents. Dollar index at 800 spot 61 is currently down 23. Stocks choppy, but a little bit higher. Dow Jones initial average 42,253. That's up on 27. S&P's at 57.21 are up about three points. We've been as high as 57.30 as low as 56.99 again and two sided trade. As that composite 17,994, that is up 20 and interest rates the two year at 355, now down three basis points. 10 year at 374 is unchanged and the 30 year at 410 up one basis point. This is Sterling Smith from Omaha Nebraska wishing everybody a great morning.